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Shahzad Textile Mills fiscal Q3 profit falls YOY

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.