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Crescent Cotton Mills swings to loss in fiscal Q3

Crescent Cotton Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 38 Pakistani paisa per share, compared with 6 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 a loss of 8.5 million rupees, compared with income of 1.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.8% from 0.1% in the year-earlier period.

Total revenue fell 12.4% year over year to 1.03 billion rupees from 1.18 billion rupees, and total operating expenses declined 8.5% from the prior-year period to 1.05 billion rupees from 1.14 billion rupees.

Reported net income came to a loss of 24.9 million rupees, or a loss of 1.09 rupees per share, compared to a loss of 11.7 million rupees, or a loss of 52 paisa per share, in the prior-year period.

As of July 10, US$1 was equivalent to 101.69 Pakistani rupees.