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Ibrahim Fibres swings to loss in fiscal Q3

Ibrahim Fibres Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 51 Pakistani paisa per share, compared with 92 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 157.4 million rupees, compared with income of 285.0 million rupees in the year-earlier period.

The normalized profit margin fell to negative 1.8% from 2.5% in the year-earlier period.

Total revenue fell 20.9% on an annual basis to 8.86 billion rupees from 11.21 billion rupees, and total operating expenses declined 17.9% on an annual basis to 9.28 billion rupees from 11.30 billion rupees.

Reported net income totaled a loss of 123.2 million rupees, or a loss of 40 paisa per share, compared to income of 447.2 million rupees, or 1.44 rupees per share, in the prior-year period.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.