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Gadoon Textile Mills swings to loss in fiscal Q1

Gadoon Textile Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 1.31 Pakistani rupees per share, compared with 8.60 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 30.6 million rupees, compared with income of 201.7 million rupees in the year-earlier period.

The normalized profit margin declined to negative 1.3% from 3.7% in the year-earlier period.

Total revenue fell year over year to 5.27 billion rupees from 5.38 billion rupees, and total operating expenses climbed on an annual basis to 5.19 billion rupees from 4.96 billion rupees.

Reported net income came to a loss of 91.0 million rupees, or a loss of 3.88 rupees per share, compared to income of 305.0 million rupees, or 13.01 rupees per share, in the year-earlier period.

As of Oct. 28, US$1 was equivalent to 103.05 Pakistani rupees.