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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.