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Artistic Denim Mills fiscal Q1 profit falls YOY

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.