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.