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Blessed Textiles fiscal Q3 profit falls YOY

Blessed Textiles Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 3.07 Pakistani rupees per share, a decrease of 23.3% from 4.01 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 19.7 million rupees, a decrease of 23.4% from 25.8 million rupees in the prior-year period.

The normalized profit margin dropped to 1.1% from 1.3% in the year-earlier period.

Total revenue decreased 10.0% year over year to 1.85 billion rupees from 2.05 billion rupees, and total operating expenses decreased 9.1% from the prior-year period to 1.74 billion rupees from 1.91 billion rupees.

Reported net income fell 38.0% from the prior-year period to 13.0 million rupees, or 2.02 rupees per share, from 20.9 million rupees, or 3.25 rupees per share.

As of May 5, US$1 was equivalent to 101.75 Pakistani rupees.