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)
