The company’s half-year profit for fiscal 2013 has clocked in at Rs989.82 million. PHOTO: File
Nishat (Chunian) has announced a net profit of Rs614.49 million for the second quarter of fiscal 2013, up a hefty 64% over the preceding quarter. The company has not announced an interim dividend or bonus issue along with the result.
Nishat (Chunian) is engaged in the business of spinning, weaving, dyeing, printing, stitching, processing, doubling, sizing, buying, selling and otherwise dealing in yarn, fabrics and made-ups made from raw cotton, synthetic fibre and cloth. The company has one subsidiary, Nishat Chunian Power Limited.
The company’s half-year profit for fiscal 2013 has clocked in at Rs989.82 million. It recorded a 122% surge in gross profits for the period. Its profits were cut by a 21% surge in expenses for the period, but 30% higher other operating income added to its profit from operations, which clocked in 115% higher than the first half of fiscal 2012.
The company’s second quarter earnings for fiscal 2013 were boosted by dividend income of Rs375 million from its subsidiary, Nishat (Chunian) Power, with an earnings per share impact of Rs1.87 for Nishat (Chunian), says an analyst note received from AKD Securities.
AKD Securities says the result could have been higher had the company’s gross margin not increased by 14.68%, and had its selling and administrative expenses not increased by higher-than-expected amounts.
Published in The Express Tribune, February 26th, 2013.
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and then the textile mill owners say that the textile industry is on the verge of bankruptcy. I want to be bankrupt too if this is what it will fetch you