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Nagina Cotton Mills swings to loss in fiscal Q2

Nagina Cotton Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of 1.00 Pakistani rupees per share, compared with 2.60 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 18.8 million rupees, compared with income of 48.6 million rupees in the prior-year period.

The normalized profit margin fell to negative 1.7% from 4.0% in the year-earlier period.

Total revenue fell 9.0% year over year to 1.11 billion rupees from 1.22 billion rupees, and total operating expenses came to 1.12 billion rupees, compared with 1.12 billion rupees in the year-earlier period.

Reported net income came to a loss of 43.2 million rupees, or a loss of 2.31 rupees per share, compared to income of 65.2 million rupees, or 3.49 rupees per share, in the year-earlier period.

As of March 4, US$1 was equivalent to 104.73 Pakistani rupees.