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Premium Textile Mills fiscal Q1 profit falls YOY

Premium Textile Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 was 2.10 Pakistani rupees per share, a decrease of 7.2% from 2.27 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 13.0 million rupees, a decline of 7.2% from 14.0 million rupees in the prior-year period.

The normalized profit margin increased to 1.0% from 0.8% in the year-earlier period.

Total revenue fell 22.1% on an annual basis to 1.34 billion rupees from 1.72 billion rupees, and total operating expenses decreased 21.4% year over year to 1.30 billion rupees from 1.65 billion rupees.

Reported net income increased 46.8% on an annual basis to 7.1 million rupees, or 1.15 rupees per share, from 4.8 million rupees, or 78 paisa per share.

As of Oct. 28, US$1 was equivalent to 105.30 Pakistani rupees.