KARACHI: Nishat Mills Limited’s (NML) first quarterly net profits went up 17 percent, amid an increase in the currency exchange gains.
In its consolidated condensed interim profit and loss statement issued to the Pakistan Stock Exchange (PSX) on Friday, NML declared profits of Rs1.96 billion during the quarter ended September 30, 2016, up against Rs1.68 billion during the same period of the last year.
The company’s earnings per share (EPS) also increased to Rs4.57 as compared to Rs3.49. The result is above market consensus.
Net sales of the company remained lower at Rs17.03 billion against Rs17.30 billion. Cost of sales slightly fell to Rs14.20 billion as compared to Rs14.40 billion in the same quarter of the last year.
Thus, the gross profits of the company were recorded at Rs2.83 during the period as compared to Rs2.90 billion in the same period of the last year.
A decline of 26.5 percent in finance cost to Rs394.21 million against Rs536.20 million and a 51.5 percent surge in other income to Rs469.19 million from Rs309.69 million increased the profit margins.
A report of Taurus Securities Limited said the management highlighted that low revenues were due to the persisting low textile prices in the international market, while higher margins were due to effective raw material procurement.
Further, the company said that other income surged on the back of significant exchange gains (Rs100 million) and higher rental income, while the company only booked the dividend from MCB worth Rs340 million, while deferring dividends from PKGP and LPL to the second quarter.
BoP profits grow 27 percent
The Bank of Punjab (BoP), a retail favourite financial at stocks, announced an increase of 27 percent in its profits, amid a reversal in provisions.In its consolidated condensed interim profit and loss statement issued to the Pakistan Stock Exchange, the bank announced profits of Rs1.16 billion for the quarter ended September 30 as compared to Rs918.78 million in the same quarter of the last year.
The bank announced earnings per share (EPS) of 75 paisas against 59 paisas last year.
Reversal of Rs257.44 million in the provisions as compared to Rs955.59 million provisions during the same quarter of the last year increased the profit margins.
During this period, the bank earned Rs7.32 billion in interests as against Rs7.46 billion last year. It disbursed Rs4.37 billion in interests as compared to Rs4.74 billion.
Thus, the net interest income of the bank was recorded at Rs2.95 billion against Rs2.71 billion.
The bank’s nine-month period profits were up eight percent at Rs3.93 billion as compared to Rs3.65 billion during the same period of the last year.
NCL profits up 27 percent
Nishat Chunian Limited (NCL), one of the leading textile companies, on Friday announced a 27 percent increase in its quarterly net profits, amid a decline in financial cost.
In its consolidated profit and loss statement issued to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs974.83 million for the quarter ended September 30, up against Rs769.19 million the previous year.
It posted earnings per share (EPS) of Rs2.56/share as compared to Rs1.42 (restated) in the same period of the last year.
During this period, sales of the company slightly increased to Rs10.70 billion as compared to the last year’s net sales of Rs10.52 billion.
Cost of sales; however, increased to Rs8.82 billion against Rs8.78 billion during the same period of the last year.
NCL posted a gross profit of Rs1.87 billion as compared to Rs1.73 billion during the corresponding period of the last year.
An increase in other income and a decline in the financial cost increased the profit margins. Other income of the company increased more than twice to Rs61.09 million as compared to Rs18.88 million in the previous year. However, the financial cost fell to Rs498.93 million against Rs570.95 million last year.
NCPL profits down 16 percent
Nishat Chunian Power Limited (NCPL) on Friday announced a 16 percent decline in its quarterly net profits, amid a fall in sales.
In its condensed interim profit and loss account statement issued to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs35.77 million for the quarter ended September 30, down against Rs872.79 billion in the previous year.
NCPL also announced interim cash dividend of Rs1.50/share. The company posted earnings per share (EPS) of Rs2/share as compared to Rs2.38 in the same period of the last year.
During the period under review, sales of the company fell to Rs3.74 billion, 15.5 percent down as compared to the same quarter of the last year’s net sales of Rs4.43 billion.
Cost of sales also remained lower to Rs2.71 billion against Rs3.19 billion last year. A decline in the cost of sales because of reduced prices of the raw material narrowed the profit gaps.
NCPL posted a gross profit of Rs1.02 billion during this period as compared to Rs1.23 billion during the same period of the last year. Other income of the company increased to Rs23.83 million as compared to Rs7.04 million in the previous year.
FCCL full-year profits up
Fauji Cement Company Limited (FCCL) has announced an increase of 30 percent in its full-year net profits and a 45 percent decline in the first quarter.
In a statement issued to the Pakistan Stock Exchange (PSX), FCCL announced net profits for the year ended June 30, 2016 at Rs5.36 billion against Rs4.11 billion in FY15.
The company also announced cash dividend of Re1 for the year, which is in addition to the already paid cash dividend of Rs1.75. Earnings per share (EPS) for the full-year came in at Rs3.98 against Rs2.91 declared last year.
Total revenues remained at Rs20.04 billion during FY16 against Rs18.64 last year, whereas cost of sales declined to Rs10.87 billion from Rs11.61 billion. FCCL posted the full-year gross profits of Rs9.16 billion against Rs7.02 billion in the corresponding period of the last year, while other income also increased to Rs268.79 million from Rs191.38 million.
In another announcement, FCCL announced first quarter earnings for the period ended September 30, with a 30 percent decline in the net profit at Rs608.91 million as compared to Rs1.10 billion during the same period of the last year.
For the quarter, the company announced earnings per share at 44 paisas as compared to 83 paisas during the corresponding period of the last year.
Turnover almost remained the same at Rs4.39 billion against Rs4.38 billion. However, an increase of 34 percent in the cost of sales to Rs3.34 billion from Rs2.50 billion reduced the profits.
Atlas Honda earnings rise 33pc
Atlas Honda Limited (ATLH) has posted an increase in its quarterly net profits by 33 percent amid an increase in bike sales.
In its financial results released to the Pakistan Stock Exchange, Atlas Honda posted net profits of Rs860.31 million for the quarter ended September 30, up against Rs644.78 million during the same period of the last year. It announced earnings per share (EPS) of Rs8.32 against Rs6.24 in the corresponding period of the last year.
During this period, sales of the Honda bikes increased to Rs14.87 billion from Rs13.27 billion last year. However, cost of production also rose to Rs13.27 billion as compared to Rs11.95 billion last year. Gross profits remained at Rs1.69 billion against Rs1.32 billion. Other income rose to Rs195.86 million as compared to Rs127.38 million during the corresponding period of the last year.
For the half-year ended September 30, ATLH announced net profits of Rs1.71 billion, up 27 percent against Rs1.34 billion earned during the same period of the last year.
PIA posts losses of Rs32bln for 2015
Pakistan International Airlines Corporation (PIAC) has posted a net loss of Rs32 billion for the full-year of 2015.In its consolidated profit and loss statement issued to the Pakistan Stock Exchange (PSX), the national flag carrier posted losses of Rs32.13 billion for the year ended December 31, 2015, up eight percent from Rs30.70 billion in 2014.
Net revenue of the national airline remained down by five percent to Rs104.51 billion against Rs113.78 billion in the corresponding period.
Airline fuel and other cost of service were posted at Rs101.64 billion as compared to Rs113.85 billion in 2014.
Gross profits were posted at Rs2.86 billion during the period under review as compared to the losses of Rs78.69 million in the corresponding period. Loss from operations was posted at Rs15.64 billion from Rs12.91 billion in 2014.