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Masood Textile Mills fiscal Q1 profit falls YOY

Masood Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 2.49 Pakistani rupees per share, a decline from 2.56 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 161.2 million rupees, a decrease of 19.8% from 201.1 million rupees in the prior-year period.

The normalized profit margin dropped to 2.4% from 3.1% in the year-earlier period.

Total revenue rose on an annual basis to 6.65 billion rupees from 6.43 billion rupees, and total operating expenses rose 5.0% year over year to 6.10 billion rupees from 5.81 billion rupees.

Reported net income fell 23.2% year over year to 203.2 million rupees, or 3.14 rupees per share, from 264.7 million rupees, or 3.37 rupees per share.

As of Oct. 29, US$1 was equivalent to 103.05 Pakistani rupees.