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International Knitwear fiscal Q1 profit climbs 67.7% YOY

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International Knitwear fiscal Q1 profit climbs 67.7% YOY

International Knitwear Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 59 Pakistani paisa per share, an increase of 73.2% from 34 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.9 million rupees, a gain of 67.7% from 1.1 million rupees in the year-earlier period.

The normalized profit margin dropped to 3.8% from 3.9% in the year-earlier period.

Total revenue increased 69.6% year over year to 49.5 million rupees from 29.2 million rupees, and total operating expenses climbed 70.0% on an annual basis to 45.8 million rupees from 26.9 million rupees.

Reported net income increased year over year to 2.4 million rupees, or 75 paisa per share, from 1.2 million rupees, or 35 paisa per share.

As of Oct. 29, US$1 was equivalent to 103.05 Pakistani rupees.