Nishat Mills profit after tax declines

RECORDER REPORT

KARACHI: The after tax profit of Nishat Mills Limited has declined to Rs. 3.528 billion in the year ended June 30, 2012 (FY12) as compared to Rs. 4.843 billion earned in the corresponding period in FY11.

The company’s earning per share reduced to Rs. 10.04 in the period under review against Rs. 13.78 in the same period last year.

The board of directors of the company in its meeting held on Friday at Lahore recommended a final cash dividend at Rs. 3.50 per share i.e. 35 percent for the year ended June 30, 2012.

According to the financial results sent to Karachi Stock Exchange, the company’s sales declined to Rs. 44.924 billion in FY12 against Rs. 48.565 billion in FY11 while cost of sales reduced to Rs. 38.134 billion against Rs. 40.718 billion.

The company’s profit before taxation decreased to Rs. 4.081 billion in FY12 against Rs. 5.411 billion posted in FY11.