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Nishat (Chunian) profit misses consensus by 66.4% in fiscal Q2

Nishat (Chunian) Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 64 Pakistani paisa per share, compared with the S&P Capital IQ consensus estimate of 1.89 rupees per share.

The per-share result swung to a profit from the prior-year loss of 19 paisa.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 127.2 million rupees, compared with a loss of 37.1 million rupees in the year-earlier period.

The normalized profit margin rose to 0.8% from negative 0.3% in the year-earlier period.

Total revenue came to 12.61 billion rupees, compared with 12.64 billion rupees in the prior-year period, and total operating expenses decreased year over year to 10.70 billion rupees from 11.25 billion rupees.

Reported net income rose 76.4% from the prior-year period to 422.2 million rupees, or 2.11 rupees per share, from 239.4 million rupees, or 1.20 rupees per share.

As of March 2, US$1 was equivalent to 101.88 Pakistani rupees.