Nishat Mills struggles with loss of Rs286m in Q1 2024

MG News | April 29, 2024 at 03:16 PM GMT+05:00

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April 29, 2024 (MLN): Nishat Mills Limited (PSX: NML) incurred a loss after tax of Rs285.83 million [LPS: Rs0.81] compared to a profit of Rs3.3 billion [EPS: Rs9.39] in the same period last year (SPLY).

Going by the results, the company's top line rose 16.7% YoY to Rs43.3bn as compared to Rs37.1bn in SPLY.

However, the cost of sales also rose by 22.3% YoY, worsening the gross profit by 20.8% YoY to Rs3.84bn in Q1 2024.

The gross margins fell to 8.86% as compared to 13.06% in SPLY.

During the period under review, other income marked a decline of 30.1% YoY to stand at Rs2.39bn in Q1 2024 as compared to Rs3.43bn in SPLY.

On the expense side, the company's administrative expenses rose 26.6% YoY to Rs675.91m and selling and distribution expenses rose 26.9% YoY to Rs1.92bn.

The company’s finance cost soared by 41.5% YoY and stood at Rs2.97bn as compared to Rs2.1bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs992.1m against the Rs674.11m paid in the corresponding period of last year, depicting a rise of 47.2% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	43,295,817	37,102,058	16.69%
Cost of sales	(39,459,025)	(32,255,025)	22.33%
Gross Profit/ (loss)	3,836,792	4,847,033	-20.84%
Administrative Expenses	(675,913)	(533,733)	26.64%
Selling And Distribution Expenses	(1,916,068)	(1,509,623)	26.92%
Other Income	2,394,666	3,425,410	-30.09%
Other Operating Expenses	37,814	(155,231)	-
Finance Cost	(2,971,017)	(2,099,285)	41.53%
Profit/ (loss) before taxation	706,274	3,974,571	-82.23%
Taxation	(992,100)	(674,105)	47.17%
Net profit/ (loss) for the period	(285,826)	3,300,466	-
Basic earnings/ (loss) per share	(0.81)	9.39	-

Amount in thousand except for EPS

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