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Quetta Textile Mills swings to loss in fiscal Q2

Quetta Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 4.67 Pakistani rupees per share, compared with 1.34 rupees 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 60.7 million rupees, compared with income of 17.3 million rupees in the prior-year period.

The normalized profit margin fell to negative 2.1% from 0.6% in the year-earlier period.

Total revenue declined on an annual basis to 2.83 billion rupees from 2.93 billion rupees, and total operating expenses rose year over year to 2.78 billion rupees from 2.72 billion rupees.

Reported net income totaled a loss of 126.1 million rupees, or a loss of 9.70 rupees per share, compared to income of 12.8 million rupees, or 98 paisa per share, in the year-earlier period.

As of March 6, US$1 was equivalent to 101.77 Pakistani rupees.