NML observes upsurge in its consolidated net profits by 13.7%

By MG News | October 29, 2019 at 05:11 PM GMT+05:00

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October 29, 2019 (MLN): Nishat Mills Limited (NML) has announced has reported its financial results today for the quarter ended September 30^th 2019, according to which it has posted its consolidated net profits of Rs 2.29 billion (EPS: Rs 4.67), up by 13.76% YoY compared to last year net profit of Rs 2 billion (EPS: Rs 4.37).

The topline earnings increased by 9.29% on the back of currency depreciation.

The company’s gross profit increased by 38.04% due to lower cotton cost inventory consoling gross margins during the quarter.

Total expenses of the company rose by 32.79% YoY during corresponding period of last year.

Moreover, finance cost surged by 52%, from Rs 673 million to Rs 442 million owing to massive increase in reliance on borrowings along with higher interest rates.

Profit and Loss Statement for the year quarter ended September 30th 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Revenue	25,477,386	23,311,732	9.29%
Cost of Sales	(20,316,100)	(19,572,819)	3.80%
Gross Profit	5,161,286	3,738,913	38.04%
Distribution cost	-1548121	-1232454	25.61%
Administrative expenses	(502,624)	(433,529)	15.94%
Other expenses	(237,655)	(57,373)	314.23%
total expenses	(2,288,400)	(1,723,356)	32.79%
	2,872,886	2,015,557	42.54%
Other income	521,367	500,056	4.26%
profit from operation	3,394,253	2,515,613	34.93%
Finance cost	(673,640)	(442,793)	52.13%
	2,720,613	2,072,820	31.25%
share of profit from other companies	(118,447)	189,778
Profit before taxation	2,602,166	2,262,598	15.01%
Taxation	(304,526)	(242,857)
Profit for the period	2,297,640	2,019,741	13.76%
Earnings per share - basic and diluted (Rupees)	4.67	4.37	6.86%

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