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Towellers fiscal Q2 profit climbs 50.3% YOY

Towellers Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 3.41 Pakistani rupees per share, an increase of 50.5% from 2.26 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 57.9 million rupees, an increase of 50.3% from 38.5 million rupees in the year-earlier period.

The normalized profit margin climbed to 8.5% from 5.0% in the year-earlier period.

Total revenue decreased 11.0% on an annual basis to 684.7 million rupees from 769.3 million rupees, and total operating expenses fell 15.1% on an annual basis to 592.6 million rupees from 698.2 million rupees.

Reported net income rose 63.3% year over year to 86.1 million rupees, or 5.07 rupees per share, from 52.8 million rupees, or 3.10 rupees per share.

As of Feb. 23, US$1 was equivalent to 104.75 Pakistani rupees.