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Salfi Textile Mills fiscal Q3 loss widens 35.9% YOY

Salfi Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 1.96 Pakistani rupees per share, compared with a loss of 1.44 rupees 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 6.5 million rupees, compared with a loss of 4.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.7% from negative 0.4% in the year-earlier period.

Total revenue decreased 27.6% year over year to 935.2 million rupees from 1.29 billion rupees, and total operating expenses declined 27.4% on an annual basis to 902.2 million rupees from 1.24 billion rupees.

Reported net income came to a loss of 18.1 million rupees, or a loss of 5.41 rupees per share, compared to a loss of 18.7 million rupees, or a loss of 5.58 rupees per share, in the year-earlier period.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.