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N.P. Spinning Mills swings to loss in fiscal Q1

N.P. Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 13 Pakistani paisa per share, compared with 81 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 1.9 million rupees, compared with income of 11.9 million rupees in the year-earlier period.

The normalized profit margin fell to negative 0.8% from 2.1% in the year-earlier period.

Total revenue declined 60.1% year over year to 228.8 million rupees from 573.1 million rupees, and total operating expenses declined 59.2% from the prior-year period to 221.8 million rupees from 543.5 million rupees.

Reported net income came to a loss of 5.3 million rupees, or a loss of 36 paisa per share, compared to income of 13.3 million rupees, or 91 paisa per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.