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Glamour Textile Mills swings to loss in fiscal Q1

Glamour Textile Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30, 2014, came to a loss of 17 Pakistani paisa per share, compared with 48 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 4.5 million rupees, compared with income of 12.9 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.1% from 2.0% in the year-earlier period.

Total revenue declined 7.5% on an annual basis to 605.9 million rupees from 655.3 million rupees, and total operating expenses declined on an annual basis to 600.1 million rupees from 622.9 million rupees.

Reported net income came to a loss of 12.9 million rupees, or a loss of 48 paisa per share, compared to income of 14.5 million rupees, or 54 paisa per share, in the year-earlier period.

As of Jan. 2, US$1 was equivalent to 100.80 Pakistani rupees.