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Colony Textile Mills fiscal Q1 loss widens YOY

Colony Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 33 Pakistani paisa per share, compared with a loss of 14 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 166.8 million rupees, compared with a loss of 71.2 million rupees in the year-earlier period.

The normalized profit margin fell to negative 5.7% from negative 1.7% in the year-earlier period.

Total revenue fell 28.6% year over year to 2.91 billion rupees from 4.08 billion rupees, and total operating expenses fell 26.0% from the prior-year period to 2.89 billion rupees from 3.91 billion rupees.

Reported net income came to a loss of 295.9 million rupees, or a loss of 59 paisa per share, compared to a loss of 150.8 million rupees, or a loss of 30 paisa per share, in the prior-year period.

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