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Nishat Mills fiscal Q2 profit falls 16.4% YOY

Nishat Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 3.64 Pakistani rupees per share, compared with the S&P Capital IQ consensus estimate of 3.78 rupees per share.

EPS declined 16.4% year over year from 4.35 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.28 billion rupees, a decrease of 16.4% from 1.53 billion rupees in the prior-year period.

The normalized profit margin fell to 5.8% from 6.6% in the year-earlier period.

Total revenue fell 5.3% year over year to 21.96 billion rupees from 23.20 billion rupees, and total operating expenses declined year over year to 18.95 billion rupees from 19.77 billion rupees.

Reported net income declined 9.5% on an annual basis to 2.23 billion rupees, or 6.34 rupees per share, from 2.46 billion rupees, or 7.01 rupees per share.

As of Feb. 24, US$1 was equivalent to 101.83 Pakistani rupees.