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Ashfaq Textile Mills fiscal Q2 profit falls YOY

Ashfaq Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 1 Pakistani paisa per share, a decline from 1 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 422,740 rupees, a decline of 6.8% from 453,810 rupees in the year-earlier period.

The normalized profit margin climbed to 0.4% from 0.4% in the year-earlier period.

Total revenue fell 16.5% year over year to 101.0 million rupees from 120.9 million rupees, and total operating expenses decreased 14.4% year over year to 100.0 million rupees from 116.8 million rupees.

Reported net income increased 90.4% year over year to 1.4 million rupees, or 4 paisa per share, from 726,100 rupees, or 2 paisa per share.

As of Feb. 25, US$1 was equivalent to 101.86 Pakistani rupees.