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Ahmad Hassan Textile Mills swings to loss in fiscal Q2

Ahmad Hassan Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 1.08 Pakistani rupees per share, compared with 2.35 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 15.7 million rupees, compared with income of 33.8 million rupees in the year-earlier period.

The normalized profit margin declined to negative 1.7% from 3.2% in the year-earlier period.

Total revenue fell 13.4% on an annual basis to 909.5 million rupees from 1.05 billion rupees, and total operating expenses declined 6.5% on an annual basis to 905.5 million rupees from 968.1 million rupees.

Reported net income fell 73.8% on an annual basis to 11.3 million rupees, or 78 paisa per share, from 43.2 million rupees, or 3.00 rupees per share.

As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.