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Din Textile Mills swings to loss in fiscal Q1

Din Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 2.12 Pakistani rupees per share, compared with 5.23 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 47.5 million rupees, compared with income of 117.3 million rupees in the year-earlier period.

The normalized profit margin declined to negative 1.9% from 6.1% in the year-earlier period.

Total revenue climbed 27.3% on an annual basis to 2.45 billion rupees from 1.92 billion rupees, and total operating expenses rose 47.3% year over year to 2.42 billion rupees from 1.64 billion rupees.

Reported net income came to a loss of 166.7 million rupees, or a loss of 7.43 rupees per share, compared to income of 161.8 million rupees, or 7.22 rupees per share, in the year-earlier period.

As of Dec. 9, US$1 was equivalent to 101.09 Pakistani rupees.