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Mahmood Textile Mills fiscal Q2 profit falls YOY

Mahmood Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 1.66 Pakistani rupees per share, a decrease of 77.4% from 7.34 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 24.5 million rupees, a decline of 77.8% from 110.1 million rupees in the year-earlier period.

The normalized profit margin fell to 0.7% from 2.9% in the year-earlier period.

Total revenue decreased 10.3% year over year to 3.36 billion rupees from 3.75 billion rupees, and total operating expenses fell 7.1% from the prior-year period to 3.21 billion rupees from 3.46 billion rupees.

Reported net income decreased 97.3% year over year to 3.4 million rupees, or 23 paisa per share, from 127.2 million rupees, or 8.48 rupees per share.

As of Feb. 26, US$1 was equivalent to 104.59 Pakistani rupees.