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Dewan Farooque Motors swings to loss in fiscal Q2

Dewan Farooque Motors Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 18 Pakistani paisa per share, compared with 30 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 19.8 million rupees, compared with income of 33.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 116.3% from 6.5% in the year-earlier period.

Total revenue decreased 96.7% on an annual basis to 17.0 million rupees from 510.5 million rupees, and total operating expenses decreased 83.9% year over year to 76.0 million rupees from 473.1 million rupees.

Reported net income totaled a loss of 31.7 million rupees, or a loss of 29 paisa per share, compared to income of 47.5 million rupees, or 44 paisa per share, in the year-earlier period.

As of March 3, US$1 was equivalent to 101.89 Pakistani rupees.