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Babri Cotton Mills swings to loss in fiscal Q2

Babri Cotton Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 9.35 Pakistani rupees per share, compared with 8.95 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 34.1 million rupees, compared with income of 32.7 million rupees in the prior-year period.

The normalized profit margin fell to negative 12.1% from 6.2% in the year-earlier period.

Total revenue fell 47.0% year over year to 281.4 million rupees from 530.8 million rupees, and total operating expenses declined 33.5% on an annual basis to 317.9 million rupees from 477.8 million rupees.

Reported net income came to a loss of 24.4 million rupees, or a loss of 6.69 rupees per share, compared to income of 16.7 million rupees, or 4.58 rupees per share, in the year-earlier period.

As of Feb. 20, US$1 was equivalent to 101.67 Pakistani rupees.