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Colony Textile Mills fiscal Q2 loss widens 40.5% YOY

Colony Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 18 Pakistani paisa per share, compared with a loss of 13 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 90.2 million rupees, compared with a loss of 64.2 million rupees in the year-earlier period.

The normalized profit margin declined to negative 2.2% from negative 1.2% in the year-earlier period.

Total revenue decreased 24.9% on an annual basis to 4.17 billion rupees from 5.56 billion rupees, and total operating expenses fell 24.0% on an annual basis to 4.06 billion rupees from 5.33 billion rupees.

Reported net income totaled a loss of 187.1 million rupees, or a loss of 38 paisa per share, compared to a loss of 157.4 million rupees, or a loss of 32 paisa per share, in the prior-year period.

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