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Kohat Textile Mills swings to loss in fiscal Q1

Kohat Textile Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 3 Pakistani paisa per share, compared with 1.28 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 a loss of 525,000 rupees, compared with income of 26.8 million rupees in the prior-year period.

The normalized profit margin declined to negative 0.1% from 3.8% in the year-earlier period.

Total revenue decreased 34.1% on an annual basis to 463.9 million rupees from 704.1 million rupees, and total operating expenses fell 30.0% year over year to 448.4 million rupees from 640.8 million rupees.

Reported net income came to a loss of 6.5 million rupees, or a loss of 31 paisa per share, compared to income of 21.3 million rupees, or 1.02 rupees per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.