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Premium Textile Mills swings to profit in fiscal Q3

Premium Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 5.39 Pakistani rupees per share, compared with a loss of 1.23 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.2 million rupees, compared with a loss of 7.6 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.5% from negative 0.4% in the year-earlier period.

Total revenue declined 33.4% year over year to 1.35 billion rupees from 2.02 billion rupees, and total operating expenses fell 35.4% year over year to 1.24 billion rupees from 1.92 billion rupees.

Reported net income totaled 39.5 million rupees, or 6.42 rupees per share, compared to a loss of 32.1 million rupees, or a loss of 5.20 rupees per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.