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Dewan Textile Mills fiscal Q3 loss narrows YOY

Dewan Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 6.68 Pakistani rupees per share, compared with a loss of 7.07 rupees 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 90.6 million rupees, compared with a loss of 95.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 17.6% from negative 10.2% in the year-earlier period.

Total revenue declined 44.9% on an annual basis to 514.2 million rupees from 933.5 million rupees, and total operating expenses decreased 41.4% from the prior-year period to 604.3 million rupees from 1.03 billion rupees.

Reported net income came to a loss of 144.8 million rupees, or a loss of 10.68 rupees per share, compared to a loss of 155.1 million rupees, or a loss of 11.48 rupees per share, in the prior-year period.

As of May 20, US$1 was equivalent to 101.85 Pakistani rupees.