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Mitchell's Fruit Farms fiscal Q1 profit falls YOY

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Mitchell's Fruit Farms fiscal Q1 profit falls YOY

Mitchell's Fruit Farms Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to 31 Pakistani paisa per share, a decline of 89.4% from 2.91 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 1.9 million rupees, a decrease of 91.6% from 22.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.5% from 5.0% in the year-earlier period.

Total revenue fell 12.3% year over year to 405.5 million rupees from 462.2 million rupees, and total operating expenses decreased 7.5% on an annual basis to 388.4 million rupees from 419.9 million rupees.

Reported net income fell 91.9% from the prior-year period to 2.1 million rupees, or 34 paisa per share, from 26.0 million rupees, or 3.30 rupees per share.

As of May 12, US$1 was equivalent to 101.78 Pakistani rupees.