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Zephyr Textiles swings to loss in fiscal Q2

Zephyr Textiles Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 15 Pakistani paisa per share, compared with 20 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 9.0 million rupees, compared with income of 12.0 million rupees in the year-earlier period.

The normalized profit margin fell to negative 1.0% from 1.1% in the year-earlier period.

Total revenue decreased 18.0% on an annual basis to 933.4 million rupees from 1.14 billion rupees, and total operating expenses decreased 15.3% on an annual basis to 911.2 million rupees from 1.08 billion rupees.

Reported net income totaled a loss of 20.0 million rupees, or a loss of 34 paisa per share, compared to income of 16.0 million rupees, or 27 paisa per share, in the prior-year period.

As of Feb. 26, US$1 was equivalent to 101.85 Pakistani rupees.