Nishat Chunian’s profit down 31%

KARACHI: Nishat Chunian Limited (NCL) on Friday announced a net profit of Rs560 million in the quarter ended December 31, 2016, down 31% compared with Rs806 million in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX).

Net profit in the first six months of fiscal year 2016-17 stood at Rs1.12 billion with earnings per share (EPS) of Rs4.68, up 61% . The company’s share price closed at Rs68.57, down 5% from its last day’s closing price. The KSE-100 index declined to 49,007, down 54 points or 0.11%.

Revenues during the quarter amounted to Rs7.55 billion, up 10% quarter-on-quarter and 16% year-on -year.

“The increase in topline is attributed to higher sales of fabric and rise in demand of weaving products from Europe along with identification of new markets,” according to an AHL Research report.

Published in The Express Tribune, February 25^th, 2017.

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