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Bhanero Textile Mills fiscal Q2 profit falls YOY

Bhanero Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 8.32 Pakistani rupees per share, a decline of 77.9% from 37.59 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 25.0 million rupees, a decline of 77.9% from 112.8 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.4% from 5.8% in the year-earlier period.

Total revenue fell 6.7% year over year to 1.81 billion rupees from 1.93 billion rupees, and total operating expenses came to 1.73 billion rupees, compared with 1.72 billion rupees in the year-earlier period.

Reported net income decreased 86.5% on an annual basis to 21.8 million rupees, or 7.27 rupees per share, from 161.1 million rupees, or 53.70 rupees per share.

As of March 6, US$1 was equivalent to 101.77 Pakistani rupees.