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Suraj Cotton Mills fiscal Q3 profit climbs 79.7% YOY

Suraj Cotton Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 came to 4.20 Pakistani rupees per share, an increase of 79.7% from 2.34 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 133.9 million rupees, an increase of 79.7% from 74.5 million rupees in the year-earlier period.

The normalized profit margin increased to 6.8% from 3.3% in the year-earlier period.

Total revenue fell 11.9% on an annual basis to 1.98 billion rupees from 2.25 billion rupees, and total operating expenses declined 16.9% from the prior-year period to 1.75 billion rupees from 2.11 billion rupees.

Reported net income grew 94.2% on an annual basis to 184.7 million rupees, or 5.79 rupees per share, from 95.1 million rupees, or 2.98 rupees per share.

As of April 28, US$1 was equivalent to 101.76 Pakistani rupees.