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Mitchell's Fruit Farms fiscal Q2 profit falls YOY

Mitchell's Fruit Farms Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 1.21 Pakistani rupees per share, a decrease of 72.2% from 4.35 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 9.5 million rupees, a decline of 72.3% from 34.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 2.2% from 6.4% in the year-earlier period.

Total revenue decreased 20.6% on an annual basis to 426.9 million rupees from 537.4 million rupees, and total operating expenses fell 15.7% on an annual basis to 399.5 million rupees from 474.2 million rupees.

Reported net income declined 63.1% on an annual basis to 12.4 million rupees, or 1.58 rupees per share, from 33.7 million rupees, or 4.28 rupees per share.

As of June 2, US$1 was equivalent to 101.86 Pakistani rupees.