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Shezan International fiscal Q2 profit falls YOY

Shezan International Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 78 Pakistani paisa per share, a decrease of 84.1% from 4.89 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 6.2 million rupees, a decline of 84.1% from 39.0 million rupees in the prior-year period.

The normalized profit margin declined to 0.3% from 2.9% in the year-earlier period.

Total revenue decreased on an annual basis to 1.30 billion rupees from 1.35 billion rupees, and total operating expenses totaled 1.27 billion rupees, compared with 1.28 billion rupees in the year-earlier period.

Reported net income fell 58.7% year over year to 15.4 million rupees, or 1.93 rupees per share, from 37.4 million rupees, or 4.69 rupees per share.

As of Feb. 25, US$1 was equivalent to 101.86 Pakistani rupees.