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Selected Textiles fiscal Q2 loss widens 29.7% YOY

Selected Textiles SA said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to a loss of 1 euro cents per share, compared with a loss of 1 cents 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 €720,960, compared with a loss of €555,950 in the prior-year period.

The normalized profit margin fell to negative 6.9% from negative 4.1% in the year-earlier period.

Total revenue fell 23.3% year over year to €10.4 million from €13.5 million, and total operating expenses fell 20.7% from the prior-year period to €10.8 million from €13.6 million.

Reported net income totaled a loss of €1.2 million, or a loss of 2 cents per share, compared to a loss of €898,420, or a loss of 2 cents per share, in the year-earlier period.