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Ahmad Hassan Textile Mills swings to loss in fiscal Q3

Ahmad Hassan Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 109,540 rupees, compared with income of 5.5 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.0% from 0.5% in the year-earlier period.

Total revenue fell 22.0% year over year to 808.8 million rupees from 1.04 billion rupees, and total operating expenses decreased 21.9% from the prior-year period to 775.1 million rupees from 992.3 million rupees.

Reported net income totaled a loss of 10.8 million rupees, or a loss of 75 paisa per share, compared to income of 12.8 million rupees, or 89 paisa per share, in the prior-year period.

As of May 4, US$1 was equivalent to 101.75 Pakistani rupees.