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Nishat Mills fiscal Q1 profit falls YOY

Nishat Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 1.75 Pakistani rupees per share, a decrease of 49.9% from 3.49 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 614.2 million rupees, a decline of 49.9% from 1.23 billion rupees in the prior-year period.

The normalized profit margin dropped to 3.0% from 5.8% in the year-earlier period.

Total revenue totaled 20.79 billion rupees, compared with 20.99 billion rupees in the prior-year period, and total operating expenses climbed year over year to 18.63 billion rupees from 18.19 billion rupees.

Reported net income decreased 38.0% from the prior-year period to 1.19 billion rupees, or 3.40 rupees per share, from 1.93 billion rupees, or 5.48 rupees per share.

As of Oct. 28, US$1 was equivalent to 103.05 Pakistani rupees.