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Premium Textile Mills fiscal Q1 profit falls YOY

Premium Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 2.27 Pakistani rupees per share, a decrease of 80.9% from 11.84 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 14.0 million rupees, a decrease of 80.9% from 73.0 million rupees in the prior-year period.

The normalized profit margin declined to 0.8% from 4.3% in the year-earlier period.

Total revenue rose year over year to 1.72 billion rupees from 1.69 billion rupees, and total operating expenses increased 8.5% year over year to 1.65 billion rupees from 1.52 billion rupees.

Reported net income declined 95.1% year over year to 4.8 million rupees, or 78 paisa per share, from 99.5 million rupees, or 16.14 rupees per share.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.