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Janana De Malucho Textile Mills swings to loss in fiscal Q1

Janana De Malucho Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 1.33 Pakistani rupees per share, compared with 5.86 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.4 million rupees, compared with income of 28.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.3% from 4.4% in the year-earlier period.

Total revenue decreased 22.2% on an annual basis to 496.5 million rupees from 638.4 million rupees, and total operating expenses decreased 14.6% year over year to 493.2 million rupees from 577.7 million rupees.

Reported net income totaled a loss of 15.2 million rupees, or a loss of 3.17 rupees per share, compared to income of 28.9 million rupees, or 6.04 rupees per share, in the year-earlier period.

As of Oct. 23, US$1 was equivalent to 104.42 Pakistani rupees.