Nishat Mills to windup Nishat UK Pvt Ltd
KARACHI: The Board of Directors (BoD) of Nishat Mills Limited (NML) has decided to voluntary windup Nishat UK (Private Limited, a wholly owned subsidiary of Nishat International FZE, which is a wholly owned subsidiary of Nishat Mills Limited (NML), a bourse filing said. The company has also decided to make further equity investment of upto Rs200 million in Nishat Hotels and Properties Limited. NML has announced a net profit of Rs2.65 billion for the quarter ended December 31, 2018, which is 2.3 percent higher than the profit of Rs2.59 billion earned in the corresponding period last year. The earnings per share (EPS) for the quarter under review clocked in at Rs6.27, as against Rs6.27 in the same period previous year. The company did not announce any payouts along with the corporate announcement. NML recorded sales revenue of Rs23 billion during the quarter ended December 31, 2018, up 14.4 percent, compared with the revenues of Rs20.14 billion same period of previous year. For the six-month period ended December 31, 2018, NML posted a net profit of Rs4.74 billion translating into EPS of Rs10.84 as against net profit of Rs4.66 billion and EPS of Rs10.97 in the corresponding period of previous year.