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Zahidjee Textile Mills fiscal Q1 profit falls YOY

Zahidjee Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 22 Pakistani paisa per share, a decline of 72.2% from 81 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 43.0 million rupees, a decline of 27.6% from 59.4 million rupees in the year-earlier period.

The normalized profit margin dropped to 3.3% from 4.2% in the year-earlier period.

Total revenue fell 6.7% on an annual basis to 1.31 billion rupees from 1.40 billion rupees, and total operating expenses declined 5.5% on an annual basis to 1.22 billion rupees from 1.29 billion rupees.

Reported net income decreased 33.8% year over year to 53.6 million rupees, or 28 paisa per share, from 80.9 million rupees, or 1.10 rupees per share.

As of Nov. 28, US$1 was equivalent to 101.80 Pakistani rupees.