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Mahmood Textile Mills fiscal Q3 profit falls YOY

Mahmood Textile Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 was 2.71 Pakistani rupees per share, a decrease of 45.7% from 4.99 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 40.6 million rupees, a decrease of 45.7% from 74.8 million rupees in the prior-year period.

The normalized profit margin declined to 1.2% from 1.8% in the year-earlier period.

Total revenue decreased 17.2% on an annual basis to 3.38 billion rupees from 4.09 billion rupees, and total operating expenses decreased 16.1% from the prior-year period to 3.17 billion rupees from 3.78 billion rupees.

Reported net income declined 73.2% on an annual basis to 28.0 million rupees, or 1.87 rupees per share, from 104.7 million rupees, or 6.98 rupees per share.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.