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.
