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Azgard Nine fiscal Q2 loss narrows YOY

Azgard Nine Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 31 Pakistani paisa per share, compared with a loss of 48 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 141.0 million rupees, compared with a loss of 219.3 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 4.7% from negative 6.2% in the year-earlier period.

Total revenue decreased 14.9% year over year to 3.01 billion rupees from 3.53 billion rupees, and total operating expenses declined 16.4% from the prior-year period to 2.88 billion rupees from 3.45 billion rupees.

Reported net income came to a loss of 254.4 million rupees, or a loss of 56 paisa per share, compared to a loss of 387.3 million rupees, or a loss of 85 paisa per share, in the year-earlier period.

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