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Maqbool Textile Mills swings to profit in fiscal Q4

Maqbool Textile Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 amounted to 77 Pakistani paisa per share, compared with a loss of 2.51 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 13.0 million rupees, compared with a loss of 42.3 million rupees in the prior-year period.

The normalized profit margin climbed to 1.3% from negative 4.3% in the year-earlier period.

Total revenue climbed on an annual basis to 1.01 billion rupees from 984.1 million rupees, and total operating expenses decreased 7.4% from the prior-year period to 957.8 million rupees from 1.03 billion rupees.

Reported net income came to 19.4 million rupees, or 1.15 rupees per share, compared to a loss of 58.1 million rupees, or a loss of 3.45 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1.23 rupees per share, compared with a loss of 2.01 rupees per share in the prior year.

Normalized net income was a loss of 20.6 million rupees, compared with a loss of 33.7 million rupees in the prior year.

Full-year total revenue rose 6.6% on an annual basis to 4.28 billion rupees from 4.01 billion rupees, and total operating expenses rose 6.3% year over year to 4.22 billion rupees from 3.97 billion rupees.

The company said reported net income came to a loss of 60.4 million rupees, or a loss of 3.59 rupees per share, in the full year, compared with a loss of 66.7 million rupees, or a loss of 3.97 rupees per share, the prior year.

As of Oct. 7, US$1 was equivalent to 104.63 Pakistani rupees.