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Crescent Cotton Mills swings to loss in fiscal Q4

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Crescent Cotton Mills swings to loss in fiscal Q4

Crescent Cotton Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 amounted to a loss of 71 Pakistani paisa per share, compared with 28 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 16.1 million rupees, compared with income of 6.3 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.9% from 0.7% in the year-earlier period.

Total revenue climbed year over year to 914.4 million rupees from 884.3 million rupees, and total operating expenses increased 8.0% year over year to 966.8 million rupees from 895.2 million rupees.

Reported net income totaled a loss of 54.4 million rupees, or a loss of 2.40 rupees per share, compared to income of 29.1 million rupees, or 1.28 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 2.02 rupees per share, compared with a loss of 61 paisa per share in the prior year.

Normalized net income was a loss of 45.7 million rupees, compared with a loss of 13.7 million rupees in the prior year.

Full-year total revenue fell 9.4% from the prior-year period to 3.45 billion rupees from 3.81 billion rupees, and total operating expenses declined 8.0% year over year to 3.53 billion rupees from 3.84 billion rupees.

The company said reported net income came to a loss of 112.8 million rupees, or a loss of 4.98 rupees per share, in the full year, compared with a loss of 31.4 million rupees, or a loss of 1.38 rupees per share, the prior year.

As of Oct. 6, US$1 was equivalent to 104.47 Pakistani rupees.