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Glamour Textile Mills swings to loss in fiscal Q2

Glamour Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of 1.15 Pakistani rupees per share, compared with 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 30.7 million rupees, compared with income of 6.1 million rupees in the prior-year period.

The normalized profit margin declined to negative 8.5% from 0.8% in the year-earlier period.

Total revenue fell 42.5% on an annual basis to 438.2 million rupees from 762.6 million rupees, and total operating expenses declined 35.0% year over year to 472.8 million rupees from 727.8 million rupees.

Reported net income totaled a loss of 51.5 million rupees, or a loss of 1.93 rupees per share, compared to income of 18.3 million rupees, or 67 paisa per share, in the prior-year period.

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