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Crescent Fibres fiscal Q1 profit falls YOY

Crescent Fibres Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 2.28 Pakistani rupees per share, a decrease of 46.0% from 4.22 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.3 million rupees, a decline of 46.0% from 52.4 million rupees in the year-earlier period.

The normalized profit margin declined to 3.6% from 6.4% in the year-earlier period.

Total revenue declined year over year to 791.1 million rupees from 814.2 million rupees, and total operating expenses grew year over year to 733.3 million rupees from 718.5 million rupees.

Reported net income declined 49.9% from the prior-year period to 32.5 million rupees, or 2.62 rupees per share, from 64.8 million rupees, or 5.22 rupees per share.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.