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Kohinoor Spinning Mills swings to profit in fiscal Q2

Kohinoor Spinning Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 16 Pakistani paisa per share, compared with a loss of 24 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.7 million rupees, compared with a loss of 31.3 million rupees in the prior-year period.

The normalized profit margin increased to 1.8% from negative 2.0% in the year-earlier period.

Total revenue fell 25.5% year over year to 1.14 billion rupees from 1.54 billion rupees, and total operating expenses decreased 30.7% year over year to 1.05 billion rupees from 1.52 billion rupees.

Reported net income came to 21.7 million rupees, or 17 paisa per share, compared to a loss of 65.4 million rupees, or a loss of 50 paisa per share, in the prior-year period.

As of Feb. 26, US$1 was equivalent to 104.59 Pakistani rupees.