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Kohat Textile Mills swings to loss in fiscal Q3

Kohat Textile Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 76 Pakistani paisa per share, compared with 36 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 15.8 million rupees, compared with income of 7.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 2.2% from 1.5% in the year-earlier period.

Total revenue climbed 43.2% year over year to 703.1 million rupees from 491.1 million rupees, and total operating expenses climbed 53.3% from the prior-year period to 707.2 million rupees from 461.4 million rupees.

Reported net income totaled a loss of 17.4 million rupees, or a loss of 84 paisa per share, compared to income of 8.4 million rupees, or 40 paisa per share, in the year-earlier period.

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