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Samin Textiles fiscal Q2 loss widens 85.9% YOY

Samin Textiles Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 2.36 Pakistani rupees per share, compared with a loss of 1.27 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 63.1 million rupees, compared with a loss of 33.9 million rupees in the year-earlier period.

The normalized profit margin fell to negative 11.8% from negative 5.0% in the year-earlier period.

Total revenue declined 21.4% year over year to 535.2 million rupees from 681.0 million rupees, and total operating expenses decreased 13.6% from the prior-year period to 605.0 million rupees from 700.2 million rupees.

Reported net income came to a loss of 122.7 million rupees, or a loss of 4.59 rupees per share, compared to a loss of 59.0 million rupees, or a loss of 2.21 rupees per share, in the year-earlier period.

As of Feb. 25, US$1 was equivalent to 101.86 Pakistani rupees.