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Saif Textile Mills swings to loss in fiscal Q3

Saif Textile Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 was a loss of 1.89 Pakistani rupees per share, compared with 95 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 a loss of 50.0 million rupees, compared with income of 25.4 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.8% from 1.3% in the year-earlier period.

Total revenue decreased 8.1% on an annual basis to 1.78 billion rupees from 1.94 billion rupees, and total operating expenses declined from the prior-year period to 1.75 billion rupees from 1.82 billion rupees.

Reported net income came to a loss of 132.9 million rupees, or a loss of 5.03 rupees per share, compared to income of 11.5 million rupees, or 43 paisa per share, in the prior-year period.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.