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Artistic Denim Mills fiscal Q2 profit falls YOY

Artistic Denim Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 86 Pakistani paisa per share, a decrease of 39.3% from 1.41 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 71.7 million rupees, a decrease of 39.3% from 118.1 million rupees in the year-earlier period.

The normalized profit margin dropped to 4.7% from 6.8% in the year-earlier period.

Total revenue fell 10.7% on an annual basis to 1.54 billion rupees from 1.73 billion rupees, and total operating expenses declined year over year to 1.41 billion rupees from 1.48 billion rupees.

Reported net income declined 40.3% year over year to 108.1 million rupees, or 1.29 rupees per share, from 181.1 million rupees, or 2.16 rupees per share.

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