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Chakwal Spinning Mills swings to loss in fiscal Q3

Chakwal Spinning Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 35 Pakistani paisa per share, compared with 23 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 14.0 million rupees, compared with income of 9.1 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.8% from 1.4% in the year-earlier period.

Total revenue declined 25.5% on an annual basis to 498.8 million rupees from 669.1 million rupees, and total operating expenses declined 20.4% from the prior-year period to 509.2 million rupees from 639.8 million rupees.

Reported net income came to a loss of 28.9 million rupees, or a loss of 72 paisa per share, compared to income of 7.5 million rupees, or 19 paisa per share, in the year-earlier period.

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