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Samin Textiles fiscal Q3 loss widens 51.8% YOY

Samin Textiles Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 2.81 Pakistani rupees per share, compared with a loss of 1.85 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 75.0 million rupees, compared with a loss of 49.4 million rupees in the prior-year period.

The normalized profit margin dropped to negative 19.0% from negative 11.1% in the year-earlier period.

Total revenue fell 11.4% year over year to 394.3 million rupees from 444.9 million rupees, and total operating expenses fell year over year to 483.3 million rupees from 490.1 million rupees.

Reported net income totaled a loss of 108.0 million rupees, or a loss of 4.04 rupees per share, compared to a loss of 82.1 million rupees, or a loss of 3.07 rupees per share, in the prior-year period.

As of April 27, US$1 was equivalent to 101.84 Pakistani rupees.