Business

Corporate results: Nishat Mills profits grow by 48%

Profit stands at Rs1.57b in first quarter of fiscal year 2014.

Our Correspondent October 29, 2013

According to AKD Research, earnings of Nishat Mills were higher than the projection of Rs1.33 billion owing to higher than expected other income. PHOTO: FILE

KARACHI: Nishat Mills has announced a net profit of a net profit of Rs2.19 billion or earning per share (EPS) of Rs5.48 in the first quarter of 2013-14.

This was slightly lower by 1% year-on-year that could be attributed to resumption of commercial production by Nishat Dairy Limited which is likely to reach break-even.

In the near future, the research house expects margins in the spinning segment to erode as Nishat Mills takes on fresh higher-priced cotton inventory during the second quarter.

According to AKD Research, earnings of Nishat Mills were higher than the projection of Rs1.33 billion owing to higher than expected other income.

The company is likely to be a major beneficiary of the expected award of European Union’s Generalised Scheme of Preferences (GSP) Plus status.

Published in The Express Tribune, October 30^th, 2013.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.