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Ghazi Fabrics International swings to loss in fiscal Q2

Ghazi Fabrics International Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 25 Pakistani paisa per share, compared with 24 paisa 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 8.4 million rupees, compared with income of 8.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 0.7% from 0.6% in the year-earlier period.

Total revenue declined 7.2% year over year to 1.27 billion rupees from 1.37 billion rupees, and total operating expenses declined on an annual basis to 1.25 billion rupees from 1.32 billion rupees.

Reported net income declined 67.9% from the prior-year period to 4.6 million rupees, or 14 paisa per share, from 14.4 million rupees, or 44 paisa per share.

As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.