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Kohat Textile Mills swings to loss in fiscal Q2

Kohat Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 2 Pakistani paisa per share, compared with 71 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 386,880 rupees, compared with income of 14.9 million rupees in the year-earlier period.

The normalized profit margin fell to negative 0.1% from 2.5% in the year-earlier period.

Total revenue fell 29.0% year over year to 417.5 million rupees from 588.2 million rupees, and total operating expenses decreased 27.5% from the prior-year period to 397.8 million rupees from 548.6 million rupees.

Reported net income decreased 94.1% year over year to 1.2 million rupees, or 6 paisa per share, from 19.9 million rupees, or 95 paisa per share.

As of Feb. 26, US$1 was equivalent to 101.85 Pakistani rupees.