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Tata Textile Mills swings to loss in fiscal Q3

Tata Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 2.47 Pakistani rupees per share, compared with 1.28 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 a loss of 42.7 million rupees, compared with income of 22.1 million rupees in the year-earlier period.

The normalized profit margin fell to negative 2.9% from 1.8% in the year-earlier period.

Total revenue climbed 18.4% year over year to 1.48 billion rupees from 1.25 billion rupees, and total operating expenses climbed 27.3% on an annual basis to 1.51 billion rupees from 1.19 billion rupees.

Reported net income totaled a loss of 79.5 million rupees, or a loss of 4.59 rupees per share, compared to income of 20.9 million rupees, or 1.21 rupees per share, in the year-earlier period.

As of May 5, US$1 was equivalent to 104.64 Pakistani rupees.