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Fazal Cloth Mills fiscal Q3 profit climbs 45.5% YOY

Fazal Cloth Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 2.69 Pakistani rupees per share, an increase of 45.7% from 1.84 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 80.5 million rupees, an increase of 45.5% from 55.4 million rupees in the prior-year period.

The normalized profit margin rose to 1.2% from 0.9% in the year-earlier period.

Total revenue grew year over year to 6.50 billion rupees from 6.34 billion rupees, and total operating expenses totaled 5.99 billion rupees, compared with 6.00 billion rupees in the prior-year period.

Reported net income grew 9.2% on an annual basis to 91.1 million rupees, or 3.04 rupees per share, from 83.5 million rupees, or 2.78 rupees per share.

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