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Maqbool Textile Mills fiscal Q3 loss narrows YOY

Maqbool Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 67 Pakistani paisa per share, compared with a loss of 1.10 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 a loss of 11.2 million rupees, compared with a loss of 18.4 million rupees in the prior-year period.

The normalized profit margin increased to negative 0.8% from negative 1.9% in the year-earlier period.

Total revenue grew 32.9% on an annual basis to 1.32 billion rupees from 994.1 million rupees, and total operating expenses rose 33.5% year over year to 1.32 billion rupees from 987.0 million rupees.

Reported net income totaled a loss of 34.8 million rupees, or a loss of 2.07 rupees per share, compared to a loss of 35.4 million rupees, or a loss of 2.11 rupees per share, in the prior-year period.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.