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Island Textile Mills fiscal Q1 loss widens YOY

Island Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 111.05 Pakistani rupees per share, compared with a loss of 22.02 rupees 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 55.5 million rupees, compared with a loss of 11.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 9.0% from negative 1.8% in the year-earlier period.

Total revenue totaled 615.6 million rupees, compared with 617.5 million rupees in the prior-year period, and total operating expenses grew on an annual basis to 649.3 million rupees from 625.4 million rupees.

Reported net income totaled 119.9 million rupees, or 239.77 rupees per share, compared to a loss of 18.0 million rupees, or a loss of 36.04 rupees per share, in the prior-year period.

As of Nov. 5, US$1 was equivalent to 105.45 Pakistani rupees.