Ashfaq Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 3 Pakistani paisa per share, a decrease of 88.1% from 26 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 1.1 million rupees, a decline of 87.3% from 9.0 million rupees in the year-earlier period.

The normalized profit margin declined to 1.3% from 5.8% in the year-earlier period.

Total revenue decreased 45.0% on an annual basis to 85.4 million rupees from 155.4 million rupees, and total operating expenses decreased 39.1% on an annual basis to 83.5 million rupees from 137.0 million rupees.

Reported net income fell 91.0% on an annual basis to 1.1 million rupees, or 3 paisa per share, from 12.3 million rupees, or 35 paisa per share.

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