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Kohinoor Mills swings to profit in fiscal Q3

Kohinoor Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 55 Pakistani paisa per share, compared with a loss of 34 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 28.3 million rupees, compared with a loss of 17.6 million rupees in the year-earlier period.

The normalized profit margin rose to 1.7% from negative 1.0% in the year-earlier period.

Total revenue climbed 6.3% on an annual basis to 1.90 billion rupees from 1.78 billion rupees, and total operating expenses increased on an annual basis to 1.77 billion rupees from 1.73 billion rupees.

Reported net income increased year over year to 23.1 million rupees, or 45 paisa per share, from 2.6 million rupees, or 5 paisa per share.

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