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Redco Textiles fiscal Q1 loss widens 96.8% YOY

Redco Textiles Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 19 Pakistani paisa per share, compared with a loss of 10 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 a loss of 9.2 million rupees, compared with a loss of 4.7 million rupees in the prior-year period.

The normalized profit margin dropped to negative 2.5% from negative 0.8% in the year-earlier period.

Total revenue declined 37.6% year over year to 372.2 million rupees from 596.3 million rupees, and total operating expenses decreased 36.5% on an annual basis to 382.3 million rupees from 601.6 million rupees.

Reported net income came to a loss of 18.4 million rupees, or a loss of 37 paisa per share, compared to a loss of 13.1 million rupees, or a loss of 27 paisa per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.