Redco Textiles Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 21 Pakistani paisa per share, compared with 33 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 10.4 million rupees, compared with income of 16.3 million rupees in the prior-year period.
The normalized profit margin fell to negative 2.4% from 2.8% in the year-earlier period.
Total revenue declined 24.4% on an annual basis to 438.3 million rupees from 580.1 million rupees, and total operating expenses declined 18.7% on an annual basis to 448.2 million rupees from 551.2 million rupees.
Reported net income came to a loss of 22.4 million rupees, or a loss of 46 paisa per share, compared to income of 19.7 million rupees, or 40 paisa per share, in the year-earlier period.
As of March 9, US$1 was equivalent to 101.64 Pakistani rupees.
