Island Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 36 Pakistani paisa per share, a decline of 99.4% from 64.43 rupees per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 179,380 rupees, a decline of 99.4% from 32.2 million rupees in the prior-year period.
The normalized profit margin dropped to 0.0% from 6.3% in the year-earlier period.
Total revenue fell on an annual basis to 496.1 million rupees from 511.4 million rupees, and total operating expenses grew from the prior-year period to 500.4 million rupees from 479.8 million rupees.
Reported net income came to a loss of 3.9 million rupees, or a loss of 7.74 rupees per share, compared to income of 57.0 million rupees, or 113.94 rupees per share, in the prior-year period.
As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.
