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Crescent Fibres fiscal Q3 profit falls YOY

Crescent Fibres Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 1.52 Pakistani rupees per share, a decline of 44.1% from 2.72 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 18.9 million rupees, a decline of 44.1% from 33.8 million rupees in the year-earlier period.

The normalized profit margin dropped to 2.5% from 3.8% in the year-earlier period.

Total revenue fell 16.4% on an annual basis to 750.1 million rupees from 896.9 million rupees, and total operating expenses fell 14.3% from the prior-year period to 703.9 million rupees from 821.2 million rupees.

Reported net income decreased 26.2% year over year to 27.1 million rupees, or 2.18 rupees per share, from 36.7 million rupees, or 2.95 rupees per share.

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