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Premium Textile Mills fiscal Q2 profit falls YOY

Premium Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 2.81 Pakistani rupees per share, a decrease of 56.7% from 6.49 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 17.3 million rupees, a decrease of 56.8% from 40.0 million rupees in the prior-year period.

The normalized profit margin dropped to 1.5% from 2.5% in the year-earlier period.

Total revenue decreased 27.4% year over year to 1.18 billion rupees from 1.63 billion rupees, and total operating expenses fell 26.5% year over year to 1.11 billion rupees from 1.51 billion rupees.

Reported net income fell 66.7% from the prior-year period to 15.8 million rupees, or 2.57 rupees per share, from 47.5 million rupees, or 7.71 rupees per share.

As of Feb. 24, US$1 was equivalent to 104.55 Pakistani rupees.