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Glamour Textile Mills fiscal Q3 loss widens YOY

Glamour Textile Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 41 Pakistani paisa per share, compared with a loss of 10 paisa 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 10.9 million rupees, compared with a loss of 2.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.8% from negative 0.4% in the year-earlier period.

Total revenue fell 39.6% on an annual basis to 391.9 million rupees from 648.4 million rupees, and total operating expenses decreased 37.5% year over year to 396.0 million rupees from 633.2 million rupees.

Reported net income came to a loss of 21.9 million rupees, or a loss of 82 paisa per share, compared to a loss of 3.0 million rupees, or a loss of 11 paisa per share, in the prior-year period.

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