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Prosperity Weaving Mills fiscal Q3 profit climbs YOY

Prosperity Weaving Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 1.32 Pakistani rupees per share, an increase from 59 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 24.4 million rupees, a gain from 10.9 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.8% from 0.7% in the year-earlier period.

Total revenue declined 9.2% year over year to 1.34 billion rupees from 1.48 billion rupees, and total operating expenses fell 10.8% on an annual basis to 1.27 billion rupees from 1.43 billion rupees.

Reported net income increased on an annual basis to 39.1 million rupees, or 2.11 rupees per share, from 12.0 million rupees, or 65 paisa per share.

As of May 2, US$1 was equivalent to 104.78 Pakistani rupees.