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.
