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International Knitwear fiscal Q3 profit climbs 23.2% YOY

International Knitwear Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 7 Pakistani paisa per share, an increase of 35.8% from 5 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 455,510 rupees, an increase of 23.2% from 369,790 rupees in the prior-year period.

The normalized profit margin declined to negative 1.8% from 1.2% in the year-earlier period.

Total revenue increased 6.2% on an annual basis to 32.7 million rupees from 30.8 million rupees, and total operating expenses increased 16.6% from the prior-year period to 34.8 million rupees from 29.9 million rupees.

Reported net income totaled a loss of 965,430 rupees, or a loss of 15 paisa per share, compared to income of 283,880 rupees, or 4 paisa per share, in the prior-year period.

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