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.