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JK Spinning Mills fiscal Q3 profit falls YOY

JK Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 46 Pakistani paisa per share, a decrease of 42.4% from 80 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 28.3 million rupees, a decline of 41.4% from 48.4 million rupees in the year-earlier period.

The normalized profit margin declined to 1.3% from 2.0% in the year-earlier period.

Total revenue declined 10.0% on an annual basis to 2.20 billion rupees from 2.44 billion rupees, and total operating expenses declined 8.3% on an annual basis to 2.11 billion rupees from 2.30 billion rupees.

Reported net income fell 54.2% on an annual basis to 22.8 million rupees, or 37 paisa per share, from 49.7 million rupees, or 82 paisa per share.

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