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Dewan Farooque Spinning Mills fiscal Q3 loss widens YOY

Dewan Farooque Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 16 Pakistani paisa per share, compared with a loss of 8 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 15.5 million rupees, compared with a loss of 7.4 million rupees in the year-earlier period.

The normalized profit margin fell to negative 4.6% from negative 1.8% in the year-earlier period.

Total revenue fell 19.4% on an annual basis to 338.1 million rupees from 419.7 million rupees, and total operating expenses decreased 16.1% from the prior-year period to 350.9 million rupees from 418.1 million rupees.

Reported net income totaled a loss of 25.2 million rupees, or a loss of 26 paisa per share, compared to a loss of 15.3 million rupees, or a loss of 16 paisa per share, in the year-earlier period.

As of May 19, US$1 was equivalent to 101.86 Pakistani rupees.