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Babri Cotton Mills swings to loss in fiscal Q3

Babri Cotton Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 2.59 Pakistani rupees per share, compared with 4.68 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 9.5 million rupees, compared with income of 17.1 million rupees in the year-earlier period.

The normalized profit margin fell to negative 1.7% from 3.6% in the year-earlier period.

Total revenue climbed 21.6% year over year to 571.6 million rupees from 470.2 million rupees, and total operating expenses increased 33.4% year over year to 573.2 million rupees from 429.7 million rupees.

Reported net income totaled a loss of 14.8 million rupees, or a loss of 4.07 rupees per share, compared to income of 19.7 million rupees, or 5.40 rupees per share, in the prior-year period.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.