KARACHI: Nishat Mills Limited’s profits surged by eight percent in the nine months of current fiscal year.
In its consolidated condensed interim profit and loss statement issued to the PSX, NML declared profits of Rs6.96 billion during the period as compared to Rs6.44 billion during the same period of the last year. The company’s earnings per share (EPS) also increased to Rs16.25 as compared to Rs14.83.
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Though net sales of the company remained lower to Rs52.86 billion against Rs61.26, a decline of 15 percent in the cost of sales amid low cost of fuels increased the profit margins. Thus, the gross profit of the company was recorded at Rs9.87 during the period under review as compared to Rs10.41 billion in the same period of the last year.
Other income fell to Rs871.45 million against Rs996.58 million, while the share of profit from associated companies increased to Rs2.61 billion against Rs2.17 billion, which closed the books in the profit.
For the quarter ended March 31, 2016, profits of the company increased to Rs9.97 billion from Rs2.09 billion in the same quarter of FY15.
