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.
