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Shams Textile Mills fiscal Q1 loss narrows YOY

Shams Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 1.44 Pakistani rupees per share, compared with a loss of 1.82 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 12.5 million rupees, compared with a loss of 15.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 1.4% from negative 1.4% in the year-earlier period.

Total revenue declined 24.4% year over year to 872.6 million rupees from 1.15 billion rupees, and total operating expenses decreased 23.6% from the prior-year period to 884.1 million rupees from 1.16 billion rupees.

Reported net income came to a loss of 28.7 million rupees, or a loss of 3.32 rupees per share, compared to a loss of 36.7 million rupees, or a loss of 4.24 rupees per share, in the prior-year period.

As of Nov. 5, US$1 was equivalent to 105.45 Pakistani rupees.