The Board of Directors of
As per the financials, the company posted a consolidated profit after tax (PAT) of
Meanwhile, NML's unconsolidated PAT clocked in at
As per the company's consolidated results, the company posted a 1.02pc drop in revenue (sales), from
However, as per its unconsolidated results, the textile manufacturer posted a 4.49pc increase in revenue, from
He stated that the earnings beat came on the back of a higher than expected topline (we had assumed some hit from COVID-19 in the outgoing quarter) and higher than expected other income (probably on account of exchange gain).
Farooq said that the company's revenue grew by a nominal 4pcYoY/1pcQoQ, signifying milder than expected hit from COVID-19 in the outgoing quarter.
He added that margin at gross level declined by 240bps YoY, albeit came ahead of estimates and improved 37bps QoQ.
He said that below the line expenses increased 19pcYoY/3pcQoQ though remained in line with the expectations.
The other income jumped 223pcYoY/14pcQoQ (25pc more than estimates), likely on account of exchange gain (Rupee depreciated 7pc between January to March this year).
Cumulatively, NML's 9MFY20 earnings stood 30pc YoY lower on the back of: i) weak core textile performance (core EPS:
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