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Saif Textile Mills swings to loss in fiscal Q2

Saif Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 43 Pakistani paisa per share, compared with 1.47 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 11.5 million rupees, compared with income of 38.8 million rupees in the prior-year period.

The normalized profit margin dropped to negative 0.6% from 2.0% in the year-earlier period.

Total revenue rose on an annual basis to 2.03 billion rupees from 1.97 billion rupees, and total operating expenses increased 6.5% year over year to 1.96 billion rupees from 1.84 billion rupees.

Reported net income totaled a loss of 12.7 million rupees, or a loss of 48 paisa per share, compared to income of 60.8 million rupees, or 2.30 rupees per share, in the prior-year period.

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