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Shams Textile Mills swings to profit in fiscal Q3

Shams Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 51 Pakistani paisa per share, compared with a loss of 3.00 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 4.3 million rupees, compared with a loss of 26.0 million rupees in the prior-year period.

The normalized profit margin climbed to 0.5% from negative 2.9% in the year-earlier period.

Total revenue fell 8.1% year over year to 826.4 million rupees from 898.8 million rupees, and total operating expenses fell 12.4% on an annual basis to 801.8 million rupees from 914.9 million rupees.

Reported net income totaled a loss of 2.7 million rupees, or a loss of 31 paisa per share, compared to a loss of 50.6 million rupees, or a loss of 5.86 rupees per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 101.76 Pakistani rupees.