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Feroze1888 Mills fiscal Q4 profit falls YOY

Feroze1888 Mills Ltd said its normalized net income for the fiscal fourth quarter ended June 30 amounted to 1.45 Pakistani rupees per share, a decline from 1.49 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 547.0 million rupees, a decrease from 561.3 million rupees in the year-earlier period.

The normalized profit margin fell to 10.8% from 12.0% in the year-earlier period.

Total revenue increased 8.5% year over year to 5.07 billion rupees from 4.67 billion rupees, and total operating expenses increased 9.2% year over year to 4.18 billion rupees from 3.83 billion rupees.

Reported net income decreased on an annual basis to 803.7 million rupees, or 2.13 rupees per share, from 830.2 million rupees, or 2.20 rupees per share.

For the year, the company's normalized net income totaled 6.68 rupees per share, a gain of 59.4% from 4.19 rupees per share in the prior year.

Normalized net income was 2.52 billion rupees, an increase of 59.4% from 1.58 billion rupees in the prior year.

Full-year total revenue increased 12.2% on an annual basis to 19.66 billion rupees from 17.53 billion rupees, and total operating expenses rose year over year to 15.55 billion rupees from 14.97 billion rupees.

The company said reported net income grew 63.8% year over year to 3.81 billion rupees, or 10.11 rupees per share, in the full year, from 2.33 billion rupees, or 6.17 rupees per share.

As of Sept. 29, US$1 was equivalent to 104.66 Pakistani rupees.