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Asim Textile Mills fiscal Q1 profit falls YOY

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.