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Prosperity Weaving Mills fiscal Q3 profit falls YOY

Prosperity Weaving Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 59 Pakistani paisa per share, a decrease of 51.4% from 1.21 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.9 million rupees, a decrease of 51.7% from 22.5 million rupees in the prior-year period.

The normalized profit margin dropped to 0.7% from 1.4% in the year-earlier period.

Total revenue fell 7.9% year over year to 1.48 billion rupees from 1.60 billion rupees, and total operating expenses fell 8.1% on an annual basis to 1.43 billion rupees from 1.55 billion rupees.

Reported net income decreased 34.7% year over year to 12.0 million rupees, or 65 paisa per share, from 18.4 million rupees, or 99 paisa per share.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.