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Prosperity Weaving Mills swings to loss in fiscal Q1

Prosperity Weaving Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 1.33 Pakistani rupees per share, compared with 8 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 24.5 million rupees, compared with income of 1.4 million rupees in the prior-year period.

The normalized profit margin declined to negative 2.2% from 0.1% in the year-earlier period.

Total revenue decreased 20.6% on an annual basis to 1.14 billion rupees from 1.43 billion rupees, and total operating expenses fell 18.7% from the prior-year period to 1.15 billion rupees from 1.41 billion rupees.

Reported net income came to a loss of 39.3 million rupees, or a loss of 2.13 rupees per share, compared to income of 2.3 million rupees, or 12 paisa per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 105.47 Pakistani rupees.