Nishat Chunian posts profits

KARACHI: Nishat Chunian Limited (NCL) has announced a net profit of Rs800.42 million for the year ended June 30, primarily because of higher sales.
The earnings per share (EPS) for FY15 stood at Rs4 as compared to Rs3.80 in FY14. NCL also declared a final cash dividend of Rs1.50 per share.
Sales revenues grew four percent to Rs23.78 billion in FY15 as compared to Rs22.799 billion last year.
“Slower than forecast sales growth can be attributed to volatile yarn prices along with the global demand slowdown. However, gross margins improved to 8.2 percent in FY15 as compared to 6.1 percent last year,” Adnan Shaikh at Taurus Securities said.
Other income fell 18 percent from Rs1.815 billion earlier to Rs1.48 billion in FY15.
“We attribute the decline to lower dividend income from Nishat Chunain Power Limited (NCPL) and less exchange gains.
To recall, NCL received dividend of Rs1.6 billion from Nishat Chunain Power Limited (51 percent owned subsidiary) in FY14, which has reduced to Rs1.4 billion in FY15."