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Gul Ahmed Textile Mills fiscal Q3 profit falls YOY

Gul Ahmed Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 80 Pakistani paisa per share, a decrease of 47.0% from 1.51 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 182.9 million rupees, a decline of 46.8% from 344.0 million rupees in the prior-year period.

The normalized profit margin fell to 2.1% from 4.0% in the year-earlier period.

Total revenue rose on an annual basis to 8.80 billion rupees from 8.56 billion rupees, and total operating expenses grew 5.6% on an annual basis to 8.20 billion rupees from 7.77 billion rupees.

Reported net income fell 55.4% on an annual basis to 210.8 million rupees, or 92 paisa per share, from 472.6 million rupees, or 2.07 rupees per share.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.