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Salfi Textile Mills fiscal Q1 loss widens 55.9% YOY

Salfi Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 13.74 Pakistani rupees per share, compared with a loss of 8.81 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 a loss of 45.9 million rupees, compared with a loss of 29.5 million rupees in the year-earlier period.

The normalized profit margin fell to negative 4.1% from negative 2.1% in the year-earlier period.

Total revenue declined 20.2% year over year to 1.12 billion rupees from 1.41 billion rupees, and total operating expenses fell 18.9% on an annual basis to 1.16 billion rupees from 1.43 billion rupees.

Reported net income came to a loss of 44.3 million rupees, or a loss of 13.24 rupees per share, compared to a loss of 60.6 million rupees, or a loss of 18.14 rupees per share, in the year-earlier period.

As of Nov. 3, US$1 was equivalent to 105.42 Pakistani rupees.