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Island Textile Mills fiscal Q2 profit falls YOY

Island Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 36 Pakistani paisa per share, a decline of 99.4% from 64.43 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 179,380 rupees, a decline of 99.4% from 32.2 million rupees in the prior-year period.

The normalized profit margin dropped to 0.0% from 6.3% in the year-earlier period.

Total revenue fell on an annual basis to 496.1 million rupees from 511.4 million rupees, and total operating expenses grew from the prior-year period to 500.4 million rupees from 479.8 million rupees.

Reported net income came to a loss of 3.9 million rupees, or a loss of 7.74 rupees per share, compared to income of 57.0 million rupees, or 113.94 rupees per share, in the prior-year period.

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