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Allawasaya Textile & Finishing Mills swings to loss in fiscal Q2

Allawasaya Textile & Finishing Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 14.11 Pakistani rupees per share, compared with 6.29 rupees 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 11.3 million rupees, compared with income of 5.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.5% from 0.8% in the year-earlier period.

Total revenue declined 24.5% year over year to 450.2 million rupees from 596.1 million rupees, and total operating expenses fell 20.1% from the prior-year period to 464.4 million rupees from 581.2 million rupees.

Reported net income totaled a loss of 19.9 million rupees, or a loss of 24.85 rupees per share, compared to income of 9.2 million rupees, or 11.49 rupees per share, in the prior-year period.

As of Feb. 26, US$1 was equivalent to 101.85 Pakistani rupees.