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Shahzad Textile Mills swings to loss in fiscal Q1

Shahzad Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 1.19 Pakistani rupees per share, compared with 68 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 21.4 million rupees, compared with income of 12.3 million rupees in the prior-year period.

The normalized profit margin declined to negative 2.2% from 1.1% in the year-earlier period.

Total revenue fell 10.4% on an annual basis to 967.3 million rupees from 1.08 billion rupees, and total operating expenses decreased year over year to 996.9 million rupees from 1.05 billion rupees.

Reported net income came to a loss of 44.0 million rupees, or a loss of 2.45 rupees per share, compared to income of 8.7 million rupees, or 48 paisa per share, in the prior-year period.

As of Oct. 26, US$1 was equivalent to 104.47 Pakistani rupees.