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.