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.