Kohinoor Mills reports 12.77pc increase in profits for FY 2016-17

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Karachi: In a notification sent to the bourse on Thursday, Kohinoor Mills Limited reported its financial year results for 2016-17 ended 30th of June.

Revenues increased 24.62pc to touch Rs10.65b compared during FY 2016-17 compared to Rs8.55b in same period last year (SPLY). Gross profits increased by 3.71pc to touch Rs1.455b compared to Rs1.393b in SPLY.

Distribution costs went up by 21.5pc to touch Rs6.04m for FY 2016-17 compared to Rs4.97m in SPLY. Other expenses head saw a massive increase of 187pc to reach Rs1.54m for FY 2016-17 compared to Rs0.539m in SPLY.

Other income fell by 37.88pc during FY 2016-17 to touch Rs4.41m compared to Rs6.08m in SPLY. Finance cost decreased by a massive 64.6pc for FY 2016-17 to touch Rs2.73m compared to Rs4.50m in SPLY.

Profits for the year recorded an increase of 12.77pc for FY 2016-17 to reach Rs1.34m compared to Rs1.18m during SPLY.

KML reported earnings per share of Rs2.63 for FY 2016-17, registering an increase of 13pc year-on-year (YoY) from Rs2.33 during FY 2015-16.

The company also announced a final cash dividend of Rs1.10 per share and its share price recorded a stellar increase of 135pc to touch Rs47.46 from Rs20.20 in SPLY.

At the time of filing this report, KML’s shares were trading at Rs33.0, down by Rs1.0 from its closing price of Rs34.0 on Tuesday. KSE-100 index was trading at 41,816.23 points, up by 536.93 points from its close on Tuesday.

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