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Idrees Textile Mills swings to loss in fiscal Q3

Idrees Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 56 Pakistani paisa per share, compared with 29 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 a loss of 10.2 million rupees, compared with income of 5.1 million rupees in the prior-year period.

The normalized profit margin fell to negative 2.1% from 0.7% in the year-earlier period.

Total revenue decreased 33.6% year over year to 484.6 million rupees from 730.0 million rupees, and total operating expenses fell 31.4% year over year to 474.8 million rupees from 692.2 million rupees.

Reported net income came to a loss of 21.0 million rupees, or a loss of 1.16 rupees per share, compared to income of 3.5 million rupees, or 20 paisa per share, in the year-earlier period.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.