NCL profits up 23 percent

KARACHI: Nishat Chunian Limited (NCL), one of the leading textile companies, on Wednesday announced a 23 percent increase in the full-year 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 Rs2.97 billion for the full-year ended June 30, 2016, up against Rs2.42 billion in the previous year.

The company also announced a final cash dividend of Rs2.50/share. It posted earnings per share (EPS) of Rs6.85/share as compared to Rs4.31 in the same period of the last year.

During the period under review, sales of the company fell to Rs39.74 billion, down 14.5 percent as compared to the last year’s net sales of Rs46.50 billion.

Cost of sales also remained lower to Rs32.86 billion against Rs39.30 billion last year. NCL posted a gross profit of Rs6.87 billion as compared to Rs7.20 billion during FY15.

Other income of the company slightly fell to Rs95.96 million as compared to Rs98.55 million in the previous year.

However, a decline in the financial cost to Rs2.26 billion against Rs3.24 billion last year turned the books into profits for the company.

NCPL profits down 11 percent

Nishat Chunian Power Limited (NCPLL) on Wednesday announced 11 percent decline in the full-year net profits amid a huge decline in sales.

In its profit and loss account statement issued to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs2.75 billion for the full-year ended June 30, 2016, down against Rs3.09 billion in the previous year.

NCPL announced a final cash dividend of Rs1.50/share, which is in addition to the interim dividend already paid at Rs5.75/share. The company posted earnings per share (EPS) of Rs7.50/share as compared to Rs8.41 in the same period of the last year.

During this period, sales of the company fell to Rs13.85 billion, 39 percent down as compared to the last year’s net sales of Rs22.57 billion.

Cost of sales also remained lower to Rs9.66 billion against Rs17.44 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 Rs4.19 billion during the period under review as compared to Rs5.12 billion during FY15.

Other income of the company also fell to Rs27.95 million as compared to Rs28.62 million in the previous year.

General Tyre profits rise 41 percent

General Tyre and Rubber Company of Pakistan Limited, a leading tyre manufacturer of the country, has announced 41 percent increase in full-year profits on account of decline in the cost of raw material.

In its financial results statement released to the Pakistan Stock Exchange, General Tyre announced earnings of Rs1.03 billion for the full-year ended June 30, 2016, up against Rs732.85 million last year.

The company announced earnings per share (EPS) of Rs17.27/share against Rs12.26/share last year. Despite huge increase in the profits, the company did not announce any payout.

Net sales of the company were recorded at Rs9.47 billion against Rs9.49 billion; cost of sales fell to Rs7.15 billion from Rs7.55 billion last year. Thus, gross profits were recorded at Rs22.32 billion, up from Rs1.93 billion in the previous year.

Other income of the company remained almost flat at Rs65 million. However, a cut in the financial cost to Rs136.15 million as compared to the last year’s Rs258.30 million increased the profit margins.