Redco Textiles Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 4 Pakistani paisa per share, a decrease of 54.0% from 8 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 1.9 million rupees, a decrease of 46.0% from 3.4 million rupees in the year-earlier period.
The normalized profit margin declined to 0.4% from 0.6% in the year-earlier period.
Total revenue declined 22.0% year over year to 454.3 million rupees from 582.4 million rupees, and total operating expenses fell 22.5% from the prior-year period to 443.9 million rupees from 573.0 million rupees.
Reported net income totaled a loss of 32,980 rupees, or a loss of 0 paisa per share, compared to income of 125,870 rupees, or 0 paisa per share, in the prior-year period.
As of June 9, US$1 was equivalent to 101.88 Pakistani rupees.
