Ghazi Fabrics International Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 1.23 Pakistani rupees per share, compared with 19 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 40.2 million rupees, compared with income of 6.3 million rupees in the year-earlier period.

The normalized profit margin declined to negative 3.6% from 0.5% in the year-earlier period.

Total revenue decreased 9.3% year over year to 1.11 billion rupees from 1.22 billion rupees, and total operating expenses fell year over year to 1.15 billion rupees from 1.17 billion rupees.

Reported net income totaled a loss of 81.0 million rupees, or a loss of 2.48 rupees per share, compared to income of 1.3 million rupees, or 4 paisa per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 105.46 Pakistani rupees.