International Knitwear Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 22 Pakistani paisa per share, a decline of 24.7% from 30 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.4 million rupees, a decline of 24.7% from 1.9 million rupees in the prior-year period.

The normalized profit margin fell to 3.6% from 3.8% in the year-earlier period.

Total revenue decreased 18.9% on an annual basis to 40.1 million rupees from 49.5 million rupees, and total operating expenses decreased 16.8% year over year to 38.1 million rupees from 45.8 million rupees.

Reported net income fell 21.5% from the prior-year period to 1.9 million rupees, or 29 paisa per share, from 2.4 million rupees, or 37 paisa per share.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.