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Tata Textile Mills swings to loss in fiscal Q2

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Tata Textile Mills swings to loss in fiscal Q2

Tata Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to a loss of 18 Pakistani paisa per share, compared with 1.70 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 3.1 million rupees, compared with income of 29.5 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.3% from 2.3% in the year-earlier period.

Total revenue decreased 8.4% year over year to 1.17 billion rupees from 1.28 billion rupees, and total operating expenses decreased 5.4% from the prior-year period to 1.16 billion rupees from 1.23 billion rupees.

Reported net income totaled a loss of 3.4 million rupees, or a loss of 20 paisa per share, compared to income of 37.2 million rupees, or 2.15 rupees per share, in the year-earlier period.

As of March 3, US$1 was equivalent to 104.75 Pakistani rupees.