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JK Spinning Mills fiscal Q1 profit falls YOY

JK Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 28 Pakistani paisa per share, a decline of 84.6% from 1.84 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 15.6 million rupees, a decrease of 86.0% from 111.8 million rupees in the prior-year period.

The normalized profit margin fell to 0.7% from 4.7% in the year-earlier period.

Total revenue declined 6.7% on an annual basis to 2.23 billion rupees from 2.38 billion rupees, and total operating expenses came to 2.17 billion rupees, compared with 2.16 billion rupees in the year-earlier period.

Reported net income declined 98.2% on an annual basis to 2.8 million rupees, or 5 paisa per share, from 152.1 million rupees, or 2.50 rupees per share.

As of Oct. 28, US$1 was equivalent to 103.05 Pakistani rupees.