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Ashfaq Textile Mills swings to loss in fiscal Q1

Ashfaq Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30, 2015, came to a loss of 4 Pakistani paisa per share, compared with 3 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.5 million rupees, compared with income of 1.1 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.2% from 1.3% in the year-earlier period.

Total revenue decreased 23.2% year over year to 65.6 million rupees from 85.4 million rupees, and total operating expenses decreased 18.7% from the prior-year period to 67.9 million rupees from 83.5 million rupees.

Reported net income came to a loss of 2.4 million rupees, or a loss of 7 paisa per share, compared to income of 1.1 million rupees, or 3 paisa per share, in the year-earlier period.

As of March 21, US$1 was equivalent to 104.75 Pakistani rupees.