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Bannu Woollen Mills swings to profit in fiscal Q3

Bannu Woollen Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 13 Pakistani paisa per share, compared with a loss of 27 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 1.3 million rupees, compared with a loss of 2.9 million rupees in the prior-year period.

The normalized profit margin increased to 1.5% from negative 3.7% in the year-earlier period.

Total revenue climbed 12.5% year over year to 86.6 million rupees from 77.0 million rupees, and total operating expenses increased from the prior-year period to 84.2 million rupees from 80.9 million rupees.

Reported net income totaled 502,000 rupees, or 5 paisa per share, compared to a loss of 423,000 rupees, or a loss of 4 paisa per share, in the prior-year period.

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