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Island Textile Mills swings to loss in fiscal Q3

Island Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 16.45 Pakistani rupees per share, compared with 22.47 rupees 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 8.2 million rupees, compared with income of 11.2 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.8% from 2.2% in the year-earlier period.

Total revenue declined 12.1% on an annual basis to 451.3 million rupees from 513.7 million rupees, and total operating expenses decreased 5.7% on an annual basis to 458.2 million rupees from 485.8 million rupees.

Reported net income totaled a loss of 17.5 million rupees, or a loss of 34.93 rupees per share, compared to income of 12.9 million rupees, or 25.89 rupees per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.