New Risk • Aug 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 19% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (PK₨5.76b market cap, or US$20.7m). Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨11.32, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total returns to shareholders of 188% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to PK₨9.32, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 10x in the Luxury industry in Pakistan. Total returns to shareholders of 132% over the past three years. New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (PK₨4.97b market cap, or US$17.9m). Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨10.76, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total returns to shareholders of 184% over the past three years. New Risk • Apr 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (PK₨4.24b market cap, or US$15.2m). Announcement • Apr 16
Kohinoor Mills Limited to Report Q3, 2026 Results on Apr 23, 2026 Kohinoor Mills Limited announced that they will report Q3, 2026 results on Apr 23, 2026 Reported Earnings • Feb 22
Second quarter 2026 earnings released: EPS: PK₨0.16 (vs PK₨0.32 in 2Q 2025) Second quarter 2026 results: EPS: PK₨0.16 (down from PK₨0.32 in 2Q 2025). Revenue: PK₨6.80b (down 9.2% from 2Q 2025). Net income: PK₨79.7m (down 50% from 2Q 2025). Profit margin: 1.2% (down from 2.1% in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to PK₨10.22, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 10x in the Luxury industry in Pakistan. Total returns to shareholders of 121% over the past three years. Announcement • Feb 11
Kohinoor Mills Limited to Report First Half, 2026 Results on Feb 18, 2026 Kohinoor Mills Limited announced that they will report first half, 2026 results on Feb 18, 2026 Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨16.52, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 10x in the Luxury industry in Pakistan. Total returns to shareholders of 341% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to PK₨14.51, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total returns to shareholders of 385% over the past three years. Reported Earnings • Nov 01
First quarter 2026 earnings released: EPS: PK₨0.11 (vs PK₨0.021 in 1Q 2025) First quarter 2026 results: EPS: PK₨0.11 (up from PK₨0.021 in 1Q 2025). Revenue: PK₨6.27b (down 11% from 1Q 2025). Net income: PK₨56.6m (up 420% from 1Q 2025). Profit margin: 0.9% (up from 0.2% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings have declined by 4.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings have declined by 4.9% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (PK₨6.00b market cap, or US$21.4m). New Risk • Oct 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨734.3m (US$2.61m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (PK₨734.3m market cap, or US$2.61m). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨134, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 11x in the Luxury industry in Pakistan. Total returns to shareholders of 397% over the past three years. Reported Earnings • Sep 28
Full year 2025 earnings released: EPS: PK₨0.46 (vs PK₨0.39 loss in FY 2024) Full year 2025 results: EPS: PK₨0.46 (up from PK₨0.39 loss in FY 2024). Revenue: PK₨27.1b (down 9.1% from FY 2024). Net income: PK₨233.5m (up PK₨253.1m from FY 2024). Profit margin: 0.9% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Announcement • Sep 25
Kohinoor Mills Limited, Annual General Meeting, Oct 28, 2025 Kohinoor Mills Limited, Annual General Meeting, Oct 28, 2025. Location: at 8 kilometer manga raiwind road, district kasur, registered office of the company., Pakistan Announcement • Sep 19
Kohinoor Mills Limited to Report Fiscal Year 2025 Results on Sep 24, 2025 Kohinoor Mills Limited announced that they will report fiscal year 2025 results on Sep 24, 2025 New Risk • Apr 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Market cap is less than US$10m (PK₨1.57b market cap, or US$5.61m). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Announcement • Mar 29
Kohinoor Mills Limited Announces Committee Changes Kohinoor Mills Limited has announced the re-appointment of its senior leadership and the reconstitution of key board committees, effective March 31, 2025. In conjunction with recent director elections, significant changes have been made to the Audit Committee and the Human Resource and Remuneration Committee. The Audit Committee will now be chaired by Mrs. Hajra Arham, with Mr. Rashid Ahmed and Mr. Taimur Afzal serving as members. Mr. Taimur Afzal will chair the Human Resource and Remuneration Committee, accompanied by Mr. Rashid Ahmed and Mrs. Hajra Arham as members. Reported Earnings • Feb 25
Second quarter 2025 earnings released: EPS: PK₨3.15 (vs PK₨0.35 in 2Q 2024) Second quarter 2025 results: EPS: PK₨3.15 (up from PK₨0.35 in 2Q 2024). Revenue: PK₨7.49b (down 2.9% from 2Q 2024). Net income: PK₨160.4m (up PK₨142.4m from 2Q 2024). Profit margin: 2.1% (up from 0.2% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Oct 27
First quarter 2025 earnings released: EPS: PK₨0.21 (vs PK₨7.51 in 1Q 2024) First quarter 2025 results: EPS: PK₨0.21 (down from PK₨7.51 in 1Q 2024). Revenue: PK₨7.02b (down 7.3% from 1Q 2024). Net income: PK₨10.9m (down 97% from 1Q 2024). Profit margin: 0.2% (down from 5.1% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Sep 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Market cap is less than US$10m (PK₨1.43b market cap, or US$5.14m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Sep 18
Full year 2024 earnings released: PK₨0.39 loss per share (vs PK₨39.31 profit in FY 2023) Full year 2024 results: PK₨0.39 loss per share (down from PK₨39.31 profit in FY 2023). Revenue: PK₨29.9b (up 5.8% from FY 2023). Net loss: PK₨19.7m (down 101% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Sep 18
Kohinoor Mills Limited, Annual General Meeting, Oct 28, 2024 Kohinoor Mills Limited, Annual General Meeting, Oct 28, 2024. Location: at 8 kilometer manga raiwind road, district kasur, Pakistan Reported Earnings • May 05
Third quarter 2024 earnings released: PK₨4.53 loss per share (vs PK₨13.30 profit in 3Q 2023) Third quarter 2024 results: PK₨4.53 loss per share (down from PK₨13.30 profit in 3Q 2023). Revenue: PK₨7.43b (up 5.9% from 3Q 2023). Net loss: PK₨230.5m (down 134% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Apr 17
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Muhammad Anwarul Siddiqui was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
Second quarter 2024 earnings released: EPS: PK₨0.35 (vs PK₨5.74 in 2Q 2023) Second quarter 2024 results: EPS: PK₨0.35 (down from PK₨5.74 in 2Q 2023). Revenue: PK₨7.71b (up 20% from 2Q 2023). Net income: PK₨18.0m (down 94% from 2Q 2023). Profit margin: 0.2% (down from 4.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Feb 26
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Muhammad Anwarul Siddiqui was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 10
Upcoming dividend of PK₨3.00 per share at 6.8% yield Eligible shareholders must have bought the stock before 17 October 2023. Payment date: 17 November 2023. Payout ratio is a comfortable 6.5% but the company is not cash flow positive. Trailing yield: 6.8%. Lower than top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (4.4%). Reported Earnings • Oct 08
Full year 2023 earnings released: EPS: PK₨39.31 (vs PK₨18.24 in FY 2022) Full year 2023 results: EPS: PK₨39.31 (up from PK₨18.24 in FY 2022). Revenue: PK₨28.2b (up 32% from FY 2022). Net income: PK₨2.00b (up 116% from FY 2022). Profit margin: 7.1% (up from 4.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Jul 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Muhammad Anwarul Siddiqui was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Muhammad Anwarul Siddiqui was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 02
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Muhammad Anwarul Siddiqui was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨50.27, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 20% share price gain to PK₨37.09, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total loss to shareholders of 4.8% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Muhammad Anwarul Siddiqui was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 11
Upcoming dividend of PK₨2.00 per share Eligible shareholders must have bought the stock before 18 October 2022. Payment date: 17 November 2022. Trailing yield: 6.2%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨32.50, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total loss to shareholders of 4.9% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improved over the past week After last week's 21% share price gain to PK₨29.12, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improved over the past week After last week's 15% share price gain to PK₨26.80, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to PK₨25.80, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total returns to shareholders of 17% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Muhammad Anwarul Siddiqui was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 11
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Executive Director Ismail Fayyaz was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
First quarter 2022 earnings released: EPS PK₨4.65 (vs PK₨0.85 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨4.54b (up 71% from 1Q 2021). Net income: PK₨236.9m (up 449% from 1Q 2021). Profit margin: 5.2% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Oct 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Executive Director Ismail Fayyaz was the last director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
First quarter 2022 earnings released: EPS PK₨4.65 (vs PK₨0.85 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨4.54b (up 71% from 1Q 2021). Net income: PK₨236.9m (up 449% from 1Q 2021). Profit margin: 5.2% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 23
Full year 2021 earnings released: EPS PK₨5.26 (vs PK₨7.17 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: PK₨13.2b (up 10% from FY 2020). Net income: PK₨267.8m (down 27% from FY 2020). Profit margin: 2.0% (down from 3.0% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨1.11 (vs PK₨1.66 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: PK₨3.65b (up 4.8% from 3Q 2020). Net income: PK₨56.6m (down 33% from 3Q 2020). Profit margin: 1.6% (down from 2.4% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 25
New 90-day low: PK₨32.51 The company is down 7.0% from its price of PK₨35.00 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 26% over the same period. Reported Earnings • Feb 25
Second quarter 2021 earnings released: EPS PK₨2.15 (vs PK₨3.34 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨3.21b (down 16% from 2Q 2020). Net income: PK₨109.3m (down 36% from 2Q 2020). Profit margin: 3.4% (down from 4.5% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 24
New 90-day high: PK₨40.80 The company is up 9.0% from its price of PK₨37.44 on 25 September 2020. The Pakistani market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Luxury industry, which is also up 9.0% over the same period. Reported Earnings • Oct 27
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨233.2m, down 73% from the prior year. Total revenue was PK₨11.3b over the last 12 months, down 21% from the prior year. Is New 90 Day High Low • Sep 30
New 90-day low: PK₨35.92 The company is down 9.0% from its price of PK₨39.60 on 01 July 2020. The Pakistani market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 22% over the same period. Reported Earnings • Sep 25
Full year earnings released - EPS PK₨111 Over the last 12 months the company has reported total profits of PK₨365.2m, down 50% from the prior year. Total revenue was PK₨12.0b over the last 12 months, down 14% from the prior year. Profit margins were 3.0%, which is lower than the 5.2% margin from last year. The decrease in margin was driven by lower revenue. 
