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Asim Textile Mills swings to loss in fiscal Q3

Asim Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 61 Pakistani paisa per share, compared with 23 paisa 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 9.3 million rupees, compared with income of 3.5 million rupees in the prior-year period.

The normalized profit margin dropped to negative 3.4% from 1.3% in the year-earlier period.

Total revenue climbed year over year to 272.8 million rupees from 269.1 million rupees, and total operating expenses grew 9.9% year over year to 291.2 million rupees from 265.0 million rupees.

Reported net income totaled a loss of 13.2 million rupees, or a loss of 87 paisa per share, compared to income of 3.7 million rupees, or 24 paisa per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.