Shams Textile Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 came to a loss of 1.24 Pakistani rupees per share, compared with a loss of 2.57 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 10.7 million rupees, compared with a loss of 22.2 million rupees in the year-earlier period.

The normalized profit margin rose to negative 2.1% from negative 2.3% in the year-earlier period.

Total revenue decreased 46.3% on an annual basis to 510.7 million rupees from 950.4 million rupees, and total operating expenses fell 47.1% year over year to 515.5 million rupees from 974.9 million rupees.

Reported net income came to a loss of 18.8 million rupees, or a loss of 2.17 rupees per share, compared to a loss of 25.7 million rupees, or a loss of 2.97 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 6.29 rupees per share, compared with a loss of 2.37 rupees per share in the prior year.

Normalized net income was a loss of 54.4 million rupees, compared with a loss of 20.4 million rupees in the prior year.

Full-year total revenue decreased 29.5% from the prior-year period to 2.80 billion rupees from 3.97 billion rupees, and total operating expenses decreased 27.7% on an annual basis to 2.85 billion rupees from 3.94 billion rupees.

The company said reported net income totaled a loss of 111.1 million rupees, or a loss of 12.86 rupees per share, in the full year, compared with a loss of 53.1 million rupees, or a loss of 6.15 rupees per share, the prior year.

As of Oct. 11, US$1 was equivalent to 104.58 Pakistani rupees.