Nishat Mills earns Rs1.9b profit in Q2

LAHORE: Nishat Mills has posted financial results for second quarter of fiscal year 2015-16.

The company reported consolidated profit (attributable to majority shareholders) of Rs1.9 billion (EPS Rs5.5), down 13 per cent YoY. Company’s top-line declined 18% YoY to Rs17.9 billion.

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Fall can be attributed to a downtrend in textile business due to lacklustre demand in the export arena and stiff competition resulting in price wars. Moreover, decline in prices of furnace oil (average quarterly FO prices down 46% YoY to Rs34,625/mt) impacted sales of Nishat Power (NPL). Cost of sales clocked in at Rs14.5b. This can be attributed to procurement of raw material at lower rate and decline in cost of power generation.

Although gross profit dropped 14% to Rs3.4b, NML’s gross margins improved 90bps to 18.9% in the outgoing quarter.