Nishat Mills profit up 1.3 percent

KARACHI: Nishat Mills Limited (NML) has announced a net profit of Rs7.584 billion for the year ended June 30, 2017, which is 1.3 percent higher than Rs7.486 billion earned in the previous year ended June 30, 2016, a bourse filing said on Monday.

“The NML’s earnings per share (EPS) clocked in at Rs17.55 for FY17 compared with the EPS of Rs17.32 in FY16, while it also announced a final cash dividend of Rs5.0/share,” the notification sent to Pakistan Stock Exchange (PSX) said. It added the sales revenues during the outgoing year stood at Rs76.321 billion, up 9.59 percent as compared with the revenues of Rs69.645 billion in the previous year.

Arsalan Hanif, an analyst at Arif Habib Limited, said sales surged due to incorporation of drawback on local taxes and levies, which approximately amounts to Rs755 million along with higher selling price of the products.

“Other income for FY17 also depicted a growth of 29 percent to Rs2.248 billion attributable to higher dividend income,” he said.