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Ghazi Fabrics International fiscal Q3 loss widens YOY

Ghazi Fabrics International Ltd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 65 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 21.1 million rupees, compared with a loss of 3.3 million rupees in the year-earlier period.

The normalized profit margin fell to negative 1.6% from negative 0.2% in the year-earlier period.

Total revenue declined 5.1% on an annual basis to 1.29 billion rupees from 1.36 billion rupees, and total operating expenses decreased on an annual basis to 1.26 billion rupees from 1.29 billion rupees.

Reported net income came to a loss of 47.7 million rupees, or a loss of 1.46 rupees per share, compared to a loss of 18.3 million rupees, or a loss of 56 paisa per share, in the year-earlier period.

As of May 7, US$1 was equivalent to 101.75 Pakistani rupees.