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Sargodha Spinning Mills swings to loss in fiscal Q2

Sargodha Spinning Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 60 Pakistani paisa per share, compared with 38 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 18.7 million rupees, compared with income of 11.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 3.4% from 1.4% in the year-earlier period.

Total revenue fell 34.3% year over year to 546.4 million rupees from 831.5 million rupees, and total operating expenses decreased 30.1% on an annual basis to 558.0 million rupees from 798.1 million rupees.

Reported net income totaled a loss of 34.8 million rupees, or a loss of 1.12 rupees per share, compared to income of 7.4 million rupees, or 24 paisa per share, in the year-earlier period.

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