Lahore February 28 2023: Nishat Chunian Limited (NCL) report massive loss of PKR 1.7 billion for the quarter ended December 31 2023, according to company filing to the Pakistan Stock Exchange.
Share price of the company drop PKR 1.34 or 6.18 percent after the result announcement, whereas the share price plunged 61.52% in a time of one year.
“This period has turned out to be a difficult one, with reduced profit margins and the high cost of borrowing being the primary reasons for the loss. On the domestic front, fluctuations in the USD exchange rate and the recent surge in political instability are turning out to be very challenging for the industry. On the international front, the Russia-Ukraine war is a huge blow to the world economy, which has yet to fully recover from the effects of the pandemic” says Company Chief Executive Officer Shahzad Saleem.
Nishat (Chunian) Limited is a public limited company incorporated in Pakistan under the repealed Companies Ordinance, 1984. The Company is engaged in the business of spinning, weaving, dyeing, printing, stitching, processing, doubling, sizing, buying, selling and otherwise dealing in yarn, fabric and made-ups made from raw cotton, synthetic fiber and cloth, and to generate, accumulate, distribute, supply and sell electricity.
