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Amtex fiscal Q2 loss widens 48.1% YOY

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Amtex fiscal Q2 loss widens 48.1% YOY

Amtex Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to a loss of 33 Pakistani paisa per share, compared with a loss of 22 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 85.8 million rupees, compared with a loss of 57.9 million rupees in the year-earlier period.

The normalized profit margin fell to negative 16.1% from negative 9.1% in the year-earlier period.

Total revenue decreased 16.3% on an annual basis to 534.0 million rupees from 637.9 million rupees, and total operating expenses decreased 13.2% on an annual basis to 633.1 million rupees from 729.7 million rupees.

Reported net income totaled a loss of 145.6 million rupees, or a loss of 56 paisa per share, compared to a loss of 103.6 million rupees, or a loss of 40 paisa per share, in the year-earlier period.

As of Feb. 29, US$1 was equivalent to 104.67 Pakistani rupees.