Hira Textile Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 came to 3 Pakistani paisa per share, a decline of 92.5% from 37 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 2.4 million rupees, a decline of 92.4% from 32.0 million rupees in the prior-year period.

The normalized profit margin fell to 0.3% from 3.0% in the year-earlier period.

Total revenue decreased 16.5% on an annual basis to 895.5 million rupees from 1.07 billion rupees, and total operating expenses declined 15.5% year over year to 835.5 million rupees from 988.6 million rupees.

Reported net income grew on an annual basis to 24.5 million rupees, or 28 paisa per share, from 8.9 million rupees, or 10 paisa per share.

For the year, the company's normalized net income totaled 69 paisa per share, a decline of 36.0% from 1.08 rupees per share in the prior year.

Normalized net income was 59.8 million rupees, a decrease of 36.0% from 93.5 million rupees in the prior year.

Full-year total revenue declined 13.3% year over year to 3.52 billion rupees from 4.06 billion rupees, and total operating expenses decreased 11.4% year over year to 3.29 billion rupees from 3.71 billion rupees.

The company said reported net income grew year over year to 93.6 million rupees, or 1.08 rupees per share, in the full year, from 92.3 million rupees, or 1.07 rupees per share.

As of Oct. 7, US$1 was equivalent to 104.63 Pakistani rupees.