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Hira Textile Mills fiscal Q1 profit falls YOY

Hira Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 23 Pakistani paisa per share, a decrease of 39.9% from 38 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 19.7 million rupees, a decrease of 35.1% from 30.3 million rupees in the year-earlier period.

The normalized profit margin fell to 2.1% from 2.5% in the year-earlier period.

Total revenue decreased 23.1% on an annual basis to 950.7 million rupees from 1.24 billion rupees, and total operating expenses fell 23.6% from the prior-year period to 871.2 million rupees from 1.14 billion rupees.

Reported net income declined 28.7% on an annual basis to 25.8 million rupees, or 30 paisa per share, from 36.1 million rupees, or 45 paisa per share.

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