International Knitwear Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 5 Pakistani paisa per share, a decline of 50.7% from 11 paisa per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 369,790 rupees, a gain of 6.1% from 348,520 rupees in the year-earlier period.
The normalized profit margin climbed to 1.2% from 1.0% in the year-earlier period.
Total revenue fell 11.1% year over year to 30.8 million rupees from 34.6 million rupees, and total operating expenses declined 11.5% year over year to 29.9 million rupees from 33.8 million rupees.
Reported net income declined 33.8% from the prior-year period to 283,880 rupees, or 4 paisa per share, from 428,890 rupees, or 13 paisa per share.
As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.
