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Babri Cotton Mills swings to profit in fiscal Q3

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Babri Cotton Mills swings to profit in fiscal Q3

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.