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Dewan Farooque Spinning Mills fiscal Q2 loss widens 55.7% YOY

Dewan Farooque Spinning Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 3 Pakistani paisa per share, compared with a loss of 2 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 a loss of 3.1 million rupees, compared with a loss of 2.0 million rupees in the prior-year period.

The normalized profit margin declined to negative 1.1% from negative 0.5% in the year-earlier period.

Total revenue decreased 34.3% year over year to 292.2 million rupees from 444.8 million rupees, and total operating expenses fell 34.6% on an annual basis to 284.3 million rupees from 434.7 million rupees.

Reported net income totaled 5.4 million rupees, or 5 paisa per share, compared to a loss of 26.5 million rupees, or a loss of 26 paisa per share, in the year-earlier period.

As of March 13, US$1 was equivalent to 101.68 Pakistani rupees.