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Nagina Cotton Mills fiscal Q3 profit climbs 76.1% YOY

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Nagina Cotton Mills fiscal Q3 profit climbs 76.1% YOY

Nagina Cotton Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 was 1.56 Pakistani rupees per share, a gain of 76.1% from 89 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.2 million rupees, an increase of 76.1% from 16.6 million rupees in the year-earlier period.

The normalized profit margin increased to 3.0% from 1.4% in the year-earlier period.

Total revenue declined 16.9% on an annual basis to 962.6 million rupees from 1.16 billion rupees, and total operating expenses fell 19.2% from the prior-year period to 901.0 million rupees from 1.12 billion rupees.

Reported net income grew on an annual basis to 45.0 million rupees, or 2.40 rupees per share, from 19.5 million rupees, or 1.04 rupees per share.

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