Artistic Denim Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 2.10 Pakistani rupees per share, a decline of 17.5% from 2.54 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 176.4 million rupees, a decline of 17.4% from 213.5 million rupees in the year-earlier period.
The normalized profit margin dropped to 7.7% from 12.3% in the year-earlier period.
Total revenue grew 31.9% year over year to 2.30 billion rupees from 1.74 billion rupees, and total operating expenses increased 45.3% on an annual basis to 1.98 billion rupees from 1.36 billion rupees.
Reported net income fell 12.9% from the prior-year period to 282.2 million rupees, or 3.36 rupees per share, from 323.9 million rupees, or 3.86 rupees per share.
As of Oct. 28, US$1 was equivalent to 103.05 Pakistani rupees.
