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Sargodha Spinning Mills swings to loss in fiscal Q1

Sargodha Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 71 Pakistani paisa per share, compared with 93 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 22.2 million rupees, compared with income of 29.1 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 4.3% from 3.6% in the year-earlier period.

Total revenue fell 36.2% on an annual basis to 521.7 million rupees from 818.0 million rupees, and total operating expenses fell 28.2% from the prior-year period to 548.5 million rupees from 763.6 million rupees.

Reported net income totaled a loss of 40.8 million rupees, or a loss of 1.31 rupees per share, compared to income of 38.7 million rupees, or 1.24 rupees per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 101.65 Pakistani rupees.