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Saif Textile Mills fiscal Q3 loss widens 22.6% YOY

Saif Textile Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 2.32 Pakistani rupees per share, compared with a loss of 1.89 rupees 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 61.3 million rupees, compared with a loss of 50.0 million rupees in the year-earlier period.

The normalized profit margin declined to negative 4.3% from negative 2.8% in the year-earlier period.

Total revenue decreased 19.7% on an annual basis to 1.43 billion rupees from 1.78 billion rupees, and total operating expenses fell 18.3% on an annual basis to 1.43 billion rupees from 1.75 billion rupees.

Reported net income totaled a loss of 93.4 million rupees, or a loss of 3.54 rupees per share, compared to a loss of 132.9 million rupees, or a loss of 5.03 rupees per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 104.81 Pakistani rupees.