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Ahmad Hassan Textile Mills swings to loss in fiscal Q1

Ahmad Hassan Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 15 Pakistani paisa per share, compared with 25 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.2 million rupees, compared with income of 3.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.3% from 0.5% in the year-earlier period.

Total revenue rose 5.8% on an annual basis to 791.7 million rupees from 748.4 million rupees, and total operating expenses rose 7.5% on an annual basis to 769.8 million rupees from 716.1 million rupees.

Reported net income came to a loss of 4.0 million rupees, or a loss of 28 paisa per share, compared to income of 2.1 million rupees, or 14 paisa per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 105.47 Pakistani rupees.