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Samin Textiles swings to profit in fiscal Q1

Samin Textiles Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 5.84 Pakistani rupees per share, compared with a loss of 51 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 156.2 million rupees, compared with a loss of 13.6 million rupees in the prior-year period.

The normalized profit margin increased to 31.0% from negative 1.6% in the year-earlier period.

Total revenue declined 41.4% on an annual basis to 503.1 million rupees from 858.8 million rupees, and total operating expenses declined 74.6% from the prior-year period to 214.9 million rupees from 845.4 million rupees.

Reported net income totaled 244.7 million rupees, or 9.15 rupees per share, compared to a loss of 31.1 million rupees, or a loss of 1.16 rupees per share, in the prior-year period.

As of Oct. 29, US$1 was equivalent to 103.05 Pakistani rupees.