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Asim Textile Mills swings to loss in fiscal Q2

Asim Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 25 Pakistani paisa per share, compared with 70 paisa 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 3.8 million rupees, compared with income of 10.7 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.3% from 3.0% in the year-earlier period.

Total revenue declined 19.4% year over year to 284.3 million rupees from 352.8 million rupees, and total operating expenses decreased 13.4% on an annual basis to 293.4 million rupees from 338.8 million rupees.

Reported net income came to a loss of 8.1 million rupees, or a loss of 53 paisa per share, compared to income of 14.3 million rupees, or 94 paisa per share, in the prior-year period.

As of Feb. 26, US$1 was equivalent to 101.85 Pakistani rupees.