Sunrays Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 2.29 Pakistani rupees per share, a decline of 62.7% from 6.13 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 15.8 million rupees, a decrease of 62.7% from 42.3 million rupees in the year-earlier period.

The normalized profit margin fell to 1.6% from 3.8% in the year-earlier period.

Total revenue declined 9.1% year over year to 999.9 million rupees from 1.10 billion rupees, and total operating expenses declined 5.3% from the prior-year period to 974.3 million rupees from 1.03 billion rupees.

Reported net income declined 40.5% from the prior-year period to 31.9 million rupees, or 4.62 rupees per share, from 53.6 million rupees, or 7.76 rupees per share.

As of March 2, US$1 was equivalent to 104.72 Pakistani rupees.