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Crescent Fibres fiscal Q2 profit falls YOY

Crescent Fibres Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 40 Pakistani paisa per share, a decrease of 86.9% from 3.07 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 5.0 million rupees, a decrease of 86.9% from 38.1 million rupees in the prior-year period.

The normalized profit margin fell to 0.6% from 4.7% in the year-earlier period.

Total revenue grew 8.9% on an annual basis to 890.5 million rupees from 818.1 million rupees, and total operating expenses increased 15.8% year over year to 863.1 million rupees from 745.5 million rupees.

Reported net income fell 92.9% year over year to 4.8 million rupees, or 39 paisa per share, from 67.4 million rupees, or 5.43 rupees per share.

As of Feb. 29, US$1 was equivalent to 104.67 Pakistani rupees.