Ruby Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 29 Pakistani paisa per share, compared with a loss of 18 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 a loss of 16.7 million rupees, compared with a loss of 9.4 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 13.0% from negative 3.0% in the year-earlier period.

Total revenue decreased 59.5% on an annual basis to 128.6 million rupees from 317.5 million rupees, and total operating expenses fell 54.5% on an annual basis to 147.8 million rupees from 324.5 million rupees.

Reported net income came to a loss of 2.9 million rupees, or a loss of 5 paisa per share, compared to a loss of 16.6 million rupees, or a loss of 32 paisa per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.