PAKISTAN: Nishat Mills leads first-quarter profit surge
Nishat Mills Limited, Pakistan's largest textile maker, has reported a 122% increase in pre-tax profit during the first quarter.
According to the financial results submitted to the Karachi Stock Exchange, profit before tax more than doubled to PKR1.79b (US$21m) in the three months to 30 September. Sales jumped from PKR6.4bn to PKR14.3bn compared with same period last year.
Most of the country's textile mills have posted significant increases in first-quarter profits due to better prices in export and local markets, and higher sales led by a rise in cotton and yarn prices.
Usage of surplus cotton stocks, which was purchased last year at much lower prices, has also boosted profit margins at textile plants.
Other textile plants such as Ibrahim Fibers announced pre-tax profits of PKR1194m (US$14m), Mehmood Textiles PKR332m (US$3.9m), Suraj Cotton PKR239m (US$2.8), Masood Textile PKR178m (US$2.1m), Gul Ahmed Textiles PKR156m (US$1.8m) in the July-September period.
Nishat is the largest vertically integrated textile plant in Pakistan, with in-house facilities from yarn production to garment manufacturing.
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