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Hira Textile Mills fiscal Q3 profit climbs 13.3% YOY

Hira Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 25 Pakistani paisa per share, an increase of 15.7% from 22 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 21.8 million rupees, an increase of 13.3% from 19.2 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.2% from 1.7% in the year-earlier period.

Total revenue declined 13.4% on an annual basis to 993.5 million rupees from 1.15 billion rupees, and total operating expenses fell 13.6% on an annual basis to 910.4 million rupees from 1.05 billion rupees.

Reported net income increased 28.4% on an annual basis to 29.6 million rupees, or 35 paisa per share, from 23.1 million rupees, or 26 paisa per share.

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