Shahzad Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 50 Pakistani paisa per share, a decrease from 51 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.9 million rupees, a decline from 9.1 million rupees in the prior-year period.

The normalized profit margin climbed to 1.0% from 0.9% in the year-earlier period.

Total revenue fell 20.2% year over year to 853.0 million rupees from 1.07 billion rupees, and total operating expenses decreased 19.7% on an annual basis to 832.9 million rupees from 1.04 billion rupees.

Reported net income rose year over year to 6.6 million rupees, or 37 paisa per share, from 3.0 million rupees, or 17 paisa per share.

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