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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, 2014, amounted to a loss of 6 Pakistani paisa per share, compared with 2 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 1.6 million rupees, compared with income of 445,300 rupees in the prior-year period.

The normalized profit margin rose to 0.8% from 0.1% in the year-earlier period.

Total revenue climbed 6.9% on an annual basis to 762.6 million rupees from 713.2 million rupees, and total operating expenses increased 7.4% on an annual basis to 747.2 million rupees from 695.9 million rupees.

Reported net income totaled 6.0 million rupees, or 22 paisa per share, compared to a loss of 3.9 million rupees, or a loss of 15 paisa per share, in the prior-year period.

As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.