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Sunrays Textile Mills fiscal Q2 profit falls YOY

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.