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Salfi Textile Mills swings to loss in fiscal Q2

Salfi Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of 20.43 Pakistani rupees per share, compared with 4.27 rupees 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 68.3 million rupees, compared with income of 14.3 million rupees in the prior-year period.

The normalized profit margin dropped to negative 5.1% from 1.2% in the year-earlier period.

Total revenue climbed 9.4% year over year to 1.33 billion rupees from 1.22 billion rupees, and total operating expenses grew 21.0% from the prior-year period to 1.41 billion rupees from 1.16 billion rupees.

Reported net income came to a loss of 122.2 million rupees, or a loss of 36.55 rupees per share, compared to income of 9.2 million rupees, or 2.75 rupees per share, in the prior-year period.

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