Nishat Mills’ profit rises 17% to Rs8.84b

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SOURCEThe Express Tribune
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KARACHI:  Nishat Mills posted consolidated profit of Rs8.84 billion for the year ended June 30, 2018, showing an improvement of 17% over last year’s figure of Rs7.58 billion.

The company reported earnings per share of Rs20.72, an improvement of 18% compared to Rs17.55 last year. The company also approved cash dividend of Rs4.75.

The rise in profit can be attributed to improvement in profit from associated companies and lower tax rate this year as compared to previous year.

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Also Read: Weak rupee pushes down PTCL profits

The company’s sales increased by 11%, from Rs76.3 billion last year to Rs84.7 billion in this year. AHL Research has attributed the increase in standalone sales to rupee depreciation, increase in prices of value-added products and improvement of export demand.

Also Read: PSO’s profit dips 15% to Rs15.46 billion

According to Topline Research, key risks for the company are prolonged rupee stability, poor cotton crop, increase in regulatory duties on imported raw material and commodity volatility.

(This news/article originally appeared in The Express Tribune on September 27th, 2018)

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