Nishat Mills struggles with loss of Rs286m in Q1 2024
MG News | April 29, 2024 at 03:16 PM GMT+05:00
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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