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Jubilee Spinning & Weaving Mills profit holds relatively steady YOY in fiscal Q1

Jubilee Spinning & Weaving Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 24 Pakistani paisa per share, compared with a loss of 24 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 a loss of 7.7 million rupees, compared with a loss of 7.7 million rupees in the prior-year period.

Total revenue declined 98.6% on an annual basis to 1.0 million rupees from 72.5 million rupees, and total operating expenses decreased 84.2% on an annual basis to 13.3 million rupees from 84.1 million rupees.

Reported net income totaled a loss of 12.4 million rupees, or a loss of 38 paisa per share, compared to a loss of 13.1 million rupees, or a loss of 41 paisa per share, in the year-earlier period.

As of Dec. 3, US$1 was equivalent to 101.60 Pakistani rupees.