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Quetta Textile Mills swings to loss in fiscal Q3

Quetta Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 2.10 Pakistani rupees per share, compared with 2.12 rupees 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 27.3 million rupees, compared with income of 27.5 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.0% from 0.9% in the year-earlier period.

Total revenue fell 13.8% year over year to 2.66 billion rupees from 3.08 billion rupees, and total operating expenses decreased 13.5% year over year to 2.55 billion rupees from 2.95 billion rupees.

Reported net income came to a loss of 74.7 million rupees, or a loss of 5.75 rupees per share, compared to income of 1.9 million rupees, or 15 paisa per share, in the year-earlier period.

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