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Prosperity Weaving Mills fiscal Q1 profit falls YOY

Prosperity Weaving Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 8 Pakistani paisa per share, a decline of 97.4% from 2.90 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 1.4 million rupees, a decline of 97.3% from 53.6 million rupees in the prior-year period.

The normalized profit margin dropped to 0.1% from 3.1% in the year-earlier period.

Total revenue fell 18.3% year over year to 1.43 billion rupees from 1.75 billion rupees, and total operating expenses fell 14.6% from the prior-year period to 1.41 billion rupees from 1.65 billion rupees.

Reported net income fell 96.7% on an annual basis to 2.3 million rupees, or 12 paisa per share, from 68.2 million rupees, or 3.69 rupees per share.

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