Corporate results: NCL posts Rs2.98b profit

KARACHI: Nishat Chunian Limited (NCL) has posted a consolidated profit of Rs2.98 billion in the year ended June 30, 2016, up 23% compared to Rs2.42 billion in the same period last year, according to a company notice sent to Pakistan Stock Exchange (PSX).

The result also accompanied a final cash dividend of Rs2.5 per share. The company’s share price fell 0.66%, closing at Rs46.78 on Wednesday even as the KSE-100 Index gained 129 points to close at 41,253.

The increase in earnings came on the back of 8% year-on-year (YoY) increase in revenue and 1.3% YoY expansion in gross margins on account of 45% lower fuel prices. Moreover, 24% lower finance cost and 17% lower taxation expense also contributed to the higher profit.

For Apr-June 2016 (4QFY16), earnings clocked in at Rs564 million with earnings per share (EPS) of Rs2.35, up 2.1 times YoY on account of 7% increase in the revenue, 4% increase in gross margins and 14% lower taxation expense.

Published in The Express Tribune, October 6^th, 2016.

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