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Faisal Spinning Mills fiscal Q3 profit falls YOY

Faisal Spinning Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to 4.67 Pakistani rupees per share, compared with 4.71 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 46.7 million rupees, compared with 47.1 million rupees in the prior-year period.

The normalized profit margin climbed to 2.2% from 1.8% in the year-earlier period.

Total revenue fell 18.4% year over year to 2.10 billion rupees from 2.57 billion rupees, and total operating expenses fell 19.1% year over year to 1.96 billion rupees from 2.43 billion rupees.

Reported net income rose 8.2% on an annual basis to 53.5 million rupees, or 5.35 rupees per share, from 49.4 million rupees, or 4.94 rupees per share.

As of May 5, US$1 was equivalent to 101.75 Pakistani rupees.