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Saif Textile Mills fiscal Q2 loss widens YOY

Saif Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of 91 Pakistani paisa per share, compared with a loss of 43 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 24.2 million rupees, compared with a loss of 11.5 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.4% from negative 0.6% in the year-earlier period.

Total revenue declined 14.9% year over year to 1.72 billion rupees from 2.03 billion rupees, and total operating expenses decreased 14.2% on an annual basis to 1.68 billion rupees from 1.96 billion rupees.

Reported net income came to a loss of 38.7 million rupees, or a loss of 1.46 rupees per share, compared to a loss of 12.7 million rupees, or a loss of 48 paisa per share, in the prior-year period.

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