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Crescent Textile Mills fiscal Q3 profit climbs 43.9% YOY

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Crescent Textile Mills fiscal Q3 profit climbs 43.9% YOY

Crescent Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 1.73 Pakistani rupees per share, a gain of 19.5% from 1.44 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 102.2 million rupees, a gain of 43.9% from 71.0 million rupees in the prior-year period.

The normalized profit margin increased to 3.6% from 2.1% in the year-earlier period.

Total revenue fell 14.3% on an annual basis to 2.83 billion rupees from 3.30 billion rupees, and total operating expenses fell 17.1% year over year to 2.57 billion rupees from 3.09 billion rupees.

Reported net income grew 97.9% from the prior-year period to 111.9 million rupees, or 1.89 rupees per share, from 56.5 million rupees, or 1.15 rupees per share.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.