Shahzad Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 51 Pakistani paisa per share, a decrease of 39.8% from 85 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 9.1 million rupees, a decrease of 40.2% from 15.3 million rupees in the prior-year period.
The normalized profit margin fell to 0.9% from 1.2% in the year-earlier period.
Total revenue declined 13.5% on an annual basis to 1.07 billion rupees from 1.24 billion rupees, and total operating expenses fell 13.4% on an annual basis to 1.04 billion rupees from 1.20 billion rupees.
Reported net income declined 80.4% from the prior-year period to 3.0 million rupees, or 17 paisa per share, from 15.4 million rupees, or 86 paisa per share.
As of April 27, US$1 was equivalent to 101.84 Pakistani rupees.
