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Maqbool Textile Mills fiscal Q2 profit falls YOY

Maqbool Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 80 Pakistani paisa per share, a decline of 33.7% from 1.20 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 13.4 million rupees, a decrease of 33.5% from 20.1 million rupees in the prior-year period.

The normalized profit margin dropped to 1.0% from 1.4% in the year-earlier period.

Total revenue fell 8.4% on an annual basis to 1.29 billion rupees from 1.40 billion rupees, and total operating expenses declined 8.9% on an annual basis to 1.23 billion rupees from 1.36 billion rupees.

Reported net income fell 12.3% on an annual basis to 12.8 million rupees, or 76 paisa per share, from 14.6 million rupees, or 87 paisa per share.

As of Feb. 19, US$1 was equivalent to 101.69 Pakistani rupees.