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Idrees Textile Mills swings to loss in fiscal Q2

Idrees Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of 98 Pakistani paisa per share, compared with 12 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 17.7 million rupees, compared with income of 2.2 million rupees in the year-earlier period.

The normalized profit margin fell to negative 4.4% from 0.4% in the year-earlier period.

Total revenue fell 33.8% year over year to 406.8 million rupees from 614.5 million rupees, and total operating expenses fell 27.9% year over year to 426.7 million rupees from 592.0 million rupees.

Reported net income totaled a loss of 33.9 million rupees, or a loss of 1.88 rupees per share, compared to income of 16.7 million rupees, or 93 paisa per share, in the year-earlier period.

As of March 2, US$1 was equivalent to 104.72 Pakistani rupees.