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Kohinoor Spinning Mills swings to loss in fiscal Q1

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Kohinoor Spinning Mills swings to loss in fiscal Q1

Kohinoor Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30, 2015, amounted to a loss of 12 Pakistani paisa per share, compared with 15 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 15.2 million rupees, compared with income of 18.8 million rupees in the year-earlier period.

The normalized profit margin declined to negative 1.2% from 1.2% in the year-earlier period.

Total revenue fell 16.5% on an annual basis to 1.26 billion rupees from 1.51 billion rupees, and total operating expenses fell 13.0% year over year to 1.22 billion rupees from 1.41 billion rupees.

Reported net income came to a loss of 36.9 million rupees, or a loss of 28 paisa per share, compared to income of 15.0 million rupees, or 12 paisa per share, in the year-earlier period.

As of Jan. 13, US$1 was equivalent to 104.92 Pakistani rupees.