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Glamour Textile Mills fiscal Q3 loss narrows YOY

Glamour Textile Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 was a loss of 10 Pakistani paisa per share, compared with a loss of 20 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 2.8 million rupees, compared with a loss of 5.4 million rupees in the prior-year period.

The normalized profit margin rose to negative 0.4% from negative 1.0% in the year-earlier period.

Total revenue grew 23.0% year over year to 648.4 million rupees from 527.0 million rupees, and total operating expenses grew 19.8% year over year to 633.2 million rupees from 528.6 million rupees.

Reported net income totaled a loss of 3.0 million rupees, or a loss of 11 paisa per share, compared to a loss of 14.3 million rupees, or a loss of 54 paisa per share, in the prior-year period.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.