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.