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Sapphire Textile Mills fiscal Q3 profit climbs 12.7% YOY

Sapphire Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 10.38 Pakistani rupees per share, an increase of 12.8% from 9.21 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 208.4 million rupees, a gain of 12.7% from 184.9 million rupees in the year-earlier period.

The normalized profit margin climbed to 3.5% from 3.0% in the year-earlier period.

Total revenue fell 5.5% on an annual basis to 5.88 billion rupees from 6.22 billion rupees, and total operating expenses fell 7.0% year over year to 5.35 billion rupees from 5.76 billion rupees.

Reported net income rose on an annual basis to 371.1 million rupees, or 18.48 rupees per share, from 176.8 million rupees, or 8.80 rupees per share.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.