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WEEKLY
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| Nishat Mills earns profit |
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Tuesday, October 27, 2009
By our correspondent
KARACHI: Nishat Mills Ltd (NML) has booked a pure profit of Rs513.20 million for the first quarter of fiscal year 2010 ended Sept 30.
This is, however, 27 per cent lower than Rs706.55 million the company attained in the same quarter last year. The board of directors has recommended no dividend or any other entitlement for the ordinary share holders for this quarter.
Earning per share (EPS) was Rs2.12 against Rs4.36 in same quarter last year. “The primary reason for growth is rupee depreciation that boosted rupee based export revenue and good export orders during the period as net sales jumped three per cent on yearly basis to Rs6,396 million.
However, with rising input costs, gross margins declined to 18pc compared to 23pc in the corresponding period last year. Declining interest rate scenario contributed to lower financial costs of Rs259m, Bilal Qamar at JS Research commented.
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ISSN 1563-9479 
