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Saritow Spinning Mills fiscal Q3 loss widens 90.9% YOY

Saritow Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 23 Pakistani paisa per share, compared with a loss of 12 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 7.0 million rupees, compared with a loss of 3.6 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.1% from negative 0.6% in the year-earlier period.

Total revenue declined year over year to 629.2 million rupees from 639.0 million rupees, and total operating expenses increased on an annual basis to 619.6 million rupees from 609.1 million rupees.

Reported net income totaled a loss of 11.1 million rupees, or a loss of 37 paisa per share, compared to a loss of 12.2 million rupees, or a loss of 41 paisa per share, in the prior-year period.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.