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.
