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Gadoon Textile Mills swings to loss in fiscal Q3

Gadoon Textile Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 43 Pakistani paisa per share, compared with 4.55 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 10.0 million rupees, compared with income of 106.7 million rupees in the year-earlier period.

The normalized profit margin declined to 0.5% from 2.2% in the year-earlier period.

Total revenue fell 14.8% on an annual basis to 4.17 billion rupees from 4.89 billion rupees, and total operating expenses fell 10.8% on an annual basis to 4.04 billion rupees from 4.53 billion rupees.

Reported net income came to a loss of 50.3 million rupees, or a loss of 2.15 rupees per share, compared to income of 133.2 million rupees, or 5.68 rupees per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 101.55 Pakistani rupees.