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Chakwal Spinning Mills swings to loss in fiscal Q1

Chakwal Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30, 2015, amounted to a loss of 56 Pakistani paisa per share, compared with 62 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 22.2 million rupees, compared with income of 24.8 million rupees in the prior-year period.

The normalized profit margin declined to negative 5.4% from 3.5% in the year-earlier period.

Total revenue declined 42.0% on an annual basis to 410.6 million rupees from 708.2 million rupees, and total operating expenses decreased 33.5% year over year to 437.5 million rupees from 657.8 million rupees.

Reported net income came to a loss of 39.2 million rupees, or a loss of 98 paisa per share, compared to income of 32.6 million rupees, or 81 paisa per share, in the year-earlier period.

As of Jan. 19, US$1 was equivalent to 104.92 Pakistani rupees.