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Artistic Denim Mills fiscal Q3 profit falls YOY

Artistic Denim Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 58 Pakistani paisa per share, a decrease of 52.1% from 1.20 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 48.5 million rupees, a decline of 52.2% from 101.4 million rupees in the prior-year period.

The normalized profit margin fell to 2.8% from 6.2% in the year-earlier period.

Total revenue grew year over year to 1.70 billion rupees from 1.64 billion rupees, and total operating expenses climbed 8.6% year over year to 1.60 billion rupees from 1.47 billion rupees.

Reported net income declined 42.2% from the prior-year period to 93.4 million rupees, or 1.11 rupees per share, from 161.6 million rupees, or 1.92 rupees per share.

As of April 27, US$1 was equivalent to 104.81 Pakistani rupees.