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Saritow Spinning Mills swings to loss in fiscal Q1

Saritow Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 16 Pakistani paisa per share, compared with 1.14 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 4.6 million rupees, compared with income of 34.1 million rupees in the prior-year period.

The normalized profit margin declined to negative 0.7% from 5.0% in the year-earlier period.

Total revenue fell year over year to 654.8 million rupees from 687.7 million rupees, and total operating expenses increased from the prior-year period to 632.0 million rupees from 603.9 million rupees.

Reported net income came to a loss of 13.9 million rupees, or a loss of 47 paisa per share, compared to income of 47.7 million rupees, or 1.60 rupees per share, in the prior-year period.

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