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Crescent Cotton Mills swings to loss in fiscal Q2

Crescent Cotton Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of 1.21 Pakistani rupees per share, compared with 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 27.3 million rupees, compared with income of 4.9 million rupees in the prior-year period.

The normalized profit margin dropped to negative 3.3% from 0.6% in the year-earlier period.

Total revenue increased 9.6% on an annual basis to 825.3 million rupees from 753.2 million rupees, and total operating expenses grew 10.0% year over year to 838.4 million rupees from 762.2 million rupees.

Reported net income came to a loss of 30.6 million rupees, or a loss of 1.35 rupees per share, compared to income of 2.5 million rupees, or 11 paisa per share, in the year-earlier period.

As of March 4, US$1 was equivalent to 104.73 Pakistani rupees.