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Crescent Textile Mills fiscal Q2 profit climbs 47.8% YOY

Crescent Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 1.85 Pakistani rupees per share, a gain of 48.2% from 1.25 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 91.2 million rupees, an increase of 47.8% from 61.7 million rupees in the prior-year period.

The normalized profit margin increased to 3.1% from 2.0% in the year-earlier period.

Total revenue decreased on an annual basis to 2.91 billion rupees from 3.04 billion rupees, and total operating expenses fell from the prior-year period to 2.71 billion rupees from 2.77 billion rupees.

Reported net income grew on an annual basis to 104.3 million rupees, or 2.12 rupees per share, from 51.8 million rupees, or 1.05 rupees per share.

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