Nishat Mills reports a 26% YoY decline in first-quarter profit

News Image

MG News | October 28, 2020 at 02:43 PM GMT+05:00

0:00

October 28, 2020 (MLN): Nishat Mills Limited (NML) has declared its financial results today for the quarter ended September 30th, 2020, according to which it has posted its net profits of Rs 1.69 billion (EPS: Rs 3.52), down by 26.40% YoY compared to the same period last year net profit of Rs 2.29 billion (EPS: Rs 4.67).

According to the research note by AKD, the decline in earnings is primarily attributable to a 70% YoY decline in other income, which is due to the absence of dividend income from MCB following the SBP's moratorium on payouts. (MCB contributed PKR1.0 per share to NML’s pre-tax earnings in 1QFY20).

During the period, the top-line earnings of the company increased marginally by 0.30% YoY while the cost of sales rose by 6% YoY. Accordingly, gross margin shrank from 20% to 16% during the said period which was partially offset by lower other expenses (down by 65.6% YoY).

However, a 28% decline in finance cost to Rs 485 million along with the share of profit from the associates of Rs 355 million provided much-needed respite to the bottom line.

Consolidated Profit and Loss Statement for the quarter ended September 30th, 2020 ('000 Rupees)

 

Sep-20

Sep-19

% Change

Revenue

 25,554,947

 25,477,386

0.30%

Cost of Sales

 (21,546,236)

 (20,316,100)

6.05%

Gross Profit

 4,008,711

 5,161,286

-22.33%

Distribution cost

 (1,446,472)

 (1,548,121)

-6.57%

Administrative expenses

 (522,771)

 (502,624)

4.01%

Other expenses

 (81,764)

 (237,655)

-65.60%

total expenses

 (2,051,007)

 (2,288,400)

-10.37%

 

 1,957,704

 2,872,886

-31.86%

Other income

 157,398

 521,367

-69.81%

profit from operation

 2,115,102

 3,394,253

-37.69%

Finance cost

 (485,466)

 (673,640)

-27.93%

 

 1,629,636

 2,720,613

-40.10%

share of profit/(Loss) from associates

 355,902

 (118,447)

 

Profit before taxation

 1,985,538

 2,602,166

-23.70%

Taxation

 (294,467)

 (304,526)

-3.30%

Profit for the period

 1,691,071

 2,297,640

-26.40%

Earnings per share - basic and diluted (Rupees)

 3.52

 4.67

-24.63%

 

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg