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Crescent Cotton Mills swings to profit in fiscal Q1

Crescent Cotton Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 34 Pakistani paisa per share, compared with a loss of 72 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 7.8 million rupees, compared with a loss of 16.4 million rupees in the prior-year period.

The normalized profit margin increased to 0.9% from negative 1.4% in the year-earlier period.

Total revenue decreased 24.3% year over year to 863.1 million rupees from 1.14 billion rupees, and total operating expenses fell 23.6% on an annual basis to 865.8 million rupees from 1.13 billion rupees.

Reported net income totaled 3.2 million rupees, or 14 paisa per share, compared to a loss of 38.1 million rupees, or a loss of 1.68 rupees per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.