Corporate results: Gul Ahmed Textile Mills’ loss increases 7.6%

KARACHI: Gul Ahmed Textile Mills (GATM) - one of the largest composite textile mills in Pakistan - posted a loss of Rs98 million in the quarter ended September 30, up 7.6% compared to a Rs91 million loss in the same period last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).

Loss per share (LPS) slightly increased from of Rs0.31 to Rs0.33 in the period under review.

GATM share price closed at Rs47.04, down 4% from Rs49.03. The KSE 100-Index closed at 39,893, up 20 points or 0.05% on the first trading day of the week.

The 7.6% year on year increase in loss comes due to 3 percentage points (pps) year-on-year (YoY) contraction in gross margins, potentially owing to lower value added product price and higher gas price since the gas price was increased by 5% in September last year.

Published in The Express Tribune, November 1^st, 2016.

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