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Dewan Textile Mills fiscal Q2 loss widens YOY

Dewan Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 3.91 Pakistani rupees per share, compared with a loss of 1.71 rupees 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 52.8 million rupees, compared with a loss of 23.1 million rupees in the prior-year period.

The normalized profit margin fell to negative 10.4% from negative 2.4% in the year-earlier period.

Total revenue declined 47.9% on an annual basis to 505.8 million rupees from 971.0 million rupees, and total operating expenses decreased 45.4% on an annual basis to 532.1 million rupees from 974.6 million rupees.

Reported net income totaled a loss of 83.4 million rupees, or a loss of 6.17 rupees per share, compared to a loss of 40.6 million rupees, or a loss of 3.01 rupees per share, in the year-earlier period.

As of March 13, US$1 was equivalent to 101.68 Pakistani rupees.