Babri Cotton Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 36 Pakistani paisa per share, compared with a loss of 2.59 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 1.3 million rupees, compared with a loss of 9.5 million rupees in the prior-year period.

The normalized profit margin rose to 0.3% from negative 1.7% in the year-earlier period.

Total revenue declined 30.5% on an annual basis to 397.3 million rupees from 571.6 million rupees, and total operating expenses declined 32.4% on an annual basis to 387.4 million rupees from 573.2 million rupees.

Reported net income came to 2.5 million rupees, or 68 paisa per share, compared to a loss of 14.8 million rupees, or a loss of 4.07 rupees per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 104.81 Pakistani rupees.