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Saif Textile Mills swings to loss in fiscal Q1

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MediaTalk | Season 2
Ep.1: Broadcast's Big Year


Global M&A by the Numbers Q4 2023

Saif Textile Mills swings to loss in fiscal Q1

Saif Textile Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 61 Pakistani paisa per share, compared with 78 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 16.1 million rupees, compared with income of 20.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 1.0% from 1.1% in the year-earlier period.

Total revenue declined 16.4% year over year to 1.64 billion rupees from 1.96 billion rupees, and total operating expenses declined 13.2% on an annual basis to 1.58 billion rupees from 1.82 billion rupees.

Reported net income totaled a loss of 25.7 million rupees, or a loss of 97 paisa per share, compared to income of 19.4 million rupees, or 73 paisa per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.