KARACHI: Nishat Mills Ltd reported on Monday its unconsolidated profit for 2016-17 decreased 13.4 per cent year-on-year to Rs4.26 billion.

In a notice sent to the stock exchange, the vertically integrated textile company also declared a final cash dividend of Rs5 per share.

Earnings in April-June amounted to Rs1.17bn, which were down 13pc on an annual basis. However, on a quarterly basis, its income jumped 2.18 times.

Annual sales remained Rs49.24bn, up 3pc from a year ago, owing to the incorporation of a drawback on local taxes and levies as well as higher selling prices, according to Arif Habib Ltd Research Analyst Arsalan M. Hanif.

The cost of goods sold increased 5pc to Rs43.86bn as average cotton prices grew 15pc over the year under consideration.

The company’s stock price declined 1pc to Rs146.65 per share on Monday.

Published in Dawn, September 26th, 2017