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Kohinoor Spinning Mills swings to loss in fiscal Q3

Kohinoor Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 18 Pakistani paisa per share, compared with 13 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 24.0 million rupees, compared with income of 17.0 million rupees in the prior-year period.

The normalized profit margin fell to negative 1.6% from 1.0% in the year-earlier period.

Total revenue declined 16.5% year over year to 1.49 billion rupees from 1.78 billion rupees, and total operating expenses decreased 14.9% from the prior-year period to 1.45 billion rupees from 1.70 billion rupees.

Reported net income came to a loss of 53.3 million rupees, or a loss of 41 paisa per share, compared to income of 9.4 million rupees, or 7 paisa per share, in the prior-year period.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.