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Colony Textile Mills fiscal Q3 loss narrows YOY

Colony Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 10 Pakistani paisa per share, compared with a loss of 19 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 50.1 million rupees, compared with a loss of 96.8 million rupees in the prior-year period.

The normalized profit margin rose to negative 1.2% from negative 1.9% in the year-earlier period.

Total revenue fell 16.6% year over year to 4.24 billion rupees from 5.09 billion rupees, and total operating expenses declined 16.7% year over year to 4.07 billion rupees from 4.88 billion rupees.

Reported net income totaled a loss of 125.2 million rupees, or a loss of 25 paisa per share, compared to a loss of 193.7 million rupees, or a loss of 39 paisa per share, in the prior-year period.

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