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Towellers swings to profit in fiscal Q3

Towellers Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 87 Pakistani paisa per share, compared with a loss of 13 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 14.8 million rupees, compared with a loss of 2.2 million rupees in the year-earlier period.

The normalized profit margin increased to 2.8% from negative 0.3% in the year-earlier period.

Total revenue declined 35.0% on an annual basis to 529.6 million rupees from 815.1 million rupees, and total operating expenses decreased 36.2% from the prior-year period to 519.7 million rupees from 814.7 million rupees.

Reported net income totaled 17.3 million rupees, or 1.02 rupees per share, compared to a loss of 9.5 million rupees, or a loss of 56 paisa per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 101.84 Pakistani rupees.