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Allawasaya Textile & Finishing Mills fiscal Q1 profit falls YOY

Allawasaya Textile & Finishing Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 3.25 Pakistani rupees per share, a decline of 82.2% from 18.33 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.6 million rupees, a decline of 82.3% from 14.7 million rupees in the year-earlier period.

The normalized profit margin declined to 0.6% from 2.8% in the year-earlier period.

Total revenue declined 17.6% on an annual basis to 436.2 million rupees from 529.2 million rupees, and total operating expenses decreased 14.5% year over year to 431.0 million rupees from 504.0 million rupees.

Reported net income declined 86.4% from the prior-year period to 2.1 million rupees, or 2.60 rupees per share, from 15.2 million rupees, or 19.06 rupees per share.

As of Oct. 29, US$1 was equivalent to 103.05 Pakistani rupees.