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Colony Textile Mills fiscal Q4 loss narrows YOY

Colony Textile Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 was a loss of 9 Pakistani paisa per share, compared with a loss of 63 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 42.6 million rupees, compared with a loss of 315.1 million rupees in the prior-year period.

The normalized profit margin climbed to negative 1.6% from negative 9.1% in the year-earlier period.

Total revenue declined 23.5% year over year to 2.65 billion rupees from 3.46 billion rupees, and total operating expenses declined 26.4% on an annual basis to 2.70 billion rupees from 3.67 billion rupees.

Reported net income totaled a loss of 90.4 million rupees, or a loss of 18 paisa per share, compared to a loss of 433.7 million rupees, or a loss of 87 paisa per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 97 paisa per share, compared with a loss of 1.06 rupees per share in the prior year.

Normalized net income was a loss of 485.5 million rupees, compared with a loss of 526.5 million rupees in the prior year.

Full-year total revenue declined 26.6% from the prior-year period to 11.72 billion rupees from 15.96 billion rupees, and total operating expenses fell 24.6% on an annual basis to 11.83 billion rupees from 15.70 billion rupees.

The company said reported net income came to a loss of 889.8 million rupees, or a loss of 1.79 rupees per share, in the full year, compared with a loss of 896.8 million rupees, or a loss of 1.80 rupees per share, the prior year.

As of Oct. 10, US$1 was equivalent to 104.58 Pakistani rupees.