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Gadoon Textile Mills fiscal Q2 profit falls YOY

Gadoon Textile Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 5.31 Pakistani rupees per share, a decline of 42.4% from 9.22 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 124.5 million rupees, a decline of 42.4% from 216.2 million rupees in the prior-year period.

The normalized profit margin fell to 3.1% from 4.3% in the year-earlier period.

Total revenue fell year over year to 4.88 billion rupees from 5.08 billion rupees, and total operating expenses totaled 4.55 billion rupees, compared with 4.56 billion rupees in the prior-year period.

Reported net income declined 47.4% from the prior-year period to 151.0 million rupees, or 6.44 rupees per share, from 287.3 million rupees, or 12.26 rupees per share.

As of Feb. 23, US$1 was equivalent to 101.72 Pakistani rupees.