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Din Textile Mills swings to loss in fiscal Q2

Din Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 68 Pakistani paisa per share, compared with 1.44 rupees 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 15.2 million rupees, compared with income of 32.3 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.7% from 1.3% in the year-earlier period.

Total revenue declined 11.5% year over year to 2.20 billion rupees from 2.49 billion rupees, and total operating expenses declined 8.7% year over year to 2.12 billion rupees from 2.33 billion rupees.

Reported net income totaled a loss of 31.5 million rupees, or a loss of 1.41 rupees per share, compared to income of 44.5 million rupees, or 1.99 rupees per share, in the year-earlier period.

As of Feb. 26, US$1 was equivalent to 101.85 Pakistani rupees.