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Allawasaya Textile & Finishing Mills swings to loss in fiscal Q3

Allawasaya Textile & Finishing Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 10.97 Pakistani rupees per share, compared with 4.76 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 8.8 million rupees, compared with income of 3.8 million rupees in the year-earlier period.

The normalized profit margin declined to negative 2.0% from 0.7% in the year-earlier period.

Total revenue declined 24.0% year over year to 434.2 million rupees from 571.2 million rupees, and total operating expenses declined 20.5% year over year to 443.5 million rupees from 557.6 million rupees.

Reported net income totaled a loss of 15.0 million rupees, or a loss of 18.72 rupees per share, compared to income of 3.5 million rupees, or 4.37 rupees per share, in the prior-year period.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.