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Nagina Cotton Mills fiscal Q1 profit falls YOY

Nagina Cotton Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 was 39 Pakistani paisa per share, a decrease of 76.1% from 1.64 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.4 million rupees, a decline of 75.9% from 30.6 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.8% from 2.7% in the year-earlier period.

Total revenue fell 23.8% year over year to 876.3 million rupees from 1.15 billion rupees, and total operating expenses declined 21.3% from the prior-year period to 849.9 million rupees from 1.08 billion rupees.

Reported net income decreased 95.8% year over year to 1.5 million rupees, or 8 paisa per share, from 36.2 million rupees, or 1.94 rupees per share.

As of Nov. 11, US$1 was equivalent to 105.43 Pakistani rupees.