Asim Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 16 Pakistani paisa per share, a decrease of 92.3% from 2.14 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 2.6 million rupees, a decline of 92.1% from 32.4 million rupees in the prior-year period.
The normalized profit margin declined to 0.9% from 8.4% in the year-earlier period.
Total revenue fell 25.2% on an annual basis to 287.1 million rupees from 383.7 million rupees, and total operating expenses declined 14.7% from the prior-year period to 283.0 million rupees from 331.9 million rupees.
Reported net income declined 97.1% on an annual basis to 1.4 million rupees, or 9 paisa per share, from 48.7 million rupees, or 3.21 rupees per share.
As of Nov. 14, US$1 was equivalent to 101.65 Pakistani rupees.
