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Ghani Automobile Industries fiscal Q2 loss widens YOY

Ghani Automobile Industries Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 17 Pakistani paisa per share, compared with a loss of 3 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 3.4 million rupees, compared with a loss of 653,100 rupees in the year-earlier period.

The normalized profit margin dropped to negative 8.4% from negative 2.7% in the year-earlier period.

Total revenue increased 67.9% year over year to 40.4 million rupees from 24.0 million rupees, and total operating expenses rose 83.9% year over year to 51.9 million rupees from 28.2 million rupees.

Reported net income came to 14.6 million rupees, or 73 paisa per share, compared to a loss of 1.2 million rupees, or a loss of 6 paisa per share, in the prior-year period.

As of March 2, US$1 was equivalent to 101.88 Pakistani rupees.