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Jubilee Spinning & Weaving Mills fiscal Q2 loss narrows YOY

Jubilee Spinning & Weaving Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 4 Pakistani paisa per share, compared with a loss of 22 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 1.2 million rupees, compared with a loss of 7.3 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 7.1% from negative 7.3% in the year-earlier period.

Total revenue fell 82.5% year over year to 17.6 million rupees from 100.3 million rupees, and total operating expenses fell 82.5% year over year to 19.5 million rupees from 111.1 million rupees.

Reported net income totaled a loss of 2.0 million rupees, or a loss of 6 paisa per share, compared to a loss of 16.1 million rupees, or a loss of 49 paisa per share, in the prior-year period.

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