Kohinoor Textile posts profit of Rs11.05 billion

KARACHI: Kohinoor Textile Mills Limited (KTML) has announced a net profit of Rs11.05 billion, translating into the earnings per share (EPS) of Rs28.26 for the year ended June 30, 2021, compared with the loss of Rs2.59 billion and the loss per share (LPS) of Rs3.32, a bourse filing said on Monday.

Kohinoor Textile also declared a final cash dividend of Re1/share along with the financial results, which is in addition to the interim dividend of Re1 already paid to the shareholders.

The sales revenue during FY21 clocked-in at Rs65.45 billion, up 28.7 per cent from Rs50.84 billion recorded in the previous year.

“The company increased revenues attributed to the boom in the textile sector due to favourable government policies and changing global dynamics,” an analyst at Insight Securities said.

Other income during the year under review increased to Rs5.17 billion, compared with Rs931.80 million in the previous year. The finance cost during FY21 declined 42.60 per cent to Rs2.06 billion as against Rs3.59 billion in FY20. The interest costs declined due to the prevailing low interest rate regime.

The company has also approved investment of up to Rs1 billion as advances to Maple Leaf Cement Company (MLCF) to finance their working capital requirements.

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