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Tariq Glass Industries fiscal Q2 profit climbs YOY

Tariq Glass Industries Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 81 Pakistani paisa per share, a gain from 4 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 59.7 million rupees, an increase from 2.6 million rupees in the year-earlier period.

The normalized profit margin rose to 3.0% from 0.1% in the year-earlier period.

Total revenue declined year over year to 2.00 billion rupees from 2.08 billion rupees, and total operating expenses declined 6.2% year over year to 1.82 billion rupees from 1.94 billion rupees.

Reported net income grew 62.0% from the prior-year period to 71.9 million rupees, or 98 paisa per share, from 44.4 million rupees, or 60 paisa per share.

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