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Hira Textile Mills fiscal Q2 profit climbs 51.5% YOY

Hira Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 23 Pakistani paisa per share, an increase of 62.7% from 14 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.4 million rupees, a gain of 51.5% from 13.4 million rupees in the year-earlier period.

The normalized profit margin rose to 1.9% from 1.2% in the year-earlier period.

Total revenue fell 10.3% year over year to 1.05 billion rupees from 1.17 billion rupees, and total operating expenses declined 13.2% year over year to 939.9 million rupees from 1.08 billion rupees.

Reported net income increased 80.0% from the prior-year period to 28.6 million rupees, or 33 paisa per share, from 15.9 million rupees, or 17 paisa per share.

As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.