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Diamond Industries fiscal Q2 loss narrows YOY

Diamond Industries Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 61 Pakistani paisa per share, compared with a loss of 74 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 5.5 million rupees, compared with a loss of 6.7 million rupees in the year-earlier period.

The normalized profit margin rose to negative 3.0% from negative 6.1% in the year-earlier period.

Total revenue climbed 69.7% year over year to 186.8 million rupees from 110.1 million rupees, and total operating expenses increased 61.2% year over year to 186.5 million rupees from 115.7 million rupees.

Reported net income totaled a loss of 53.1 million rupees, or a loss of 5.90 rupees per share, compared to a loss of 8.0 million rupees, or a loss of 89 paisa per share, in the prior-year period.

As of Feb. 25, US$1 was equivalent to 101.86 Pakistani rupees.