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Prosperity Weaving Mills fiscal Q2 profit climbs YOY

Prosperity Weaving Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 75 Pakistani paisa per share, an increase from 10 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 13.8 million rupees, a gain from 1.8 million rupees in the year-earlier period.

The normalized profit margin rose to 1.0% from 0.1% in the year-earlier period.

Total revenue declined 17.4% on an annual basis to 1.40 billion rupees from 1.70 billion rupees, and total operating expenses fell 18.9% on an annual basis to 1.35 billion rupees from 1.66 billion rupees.

Reported net income grew on an annual basis to 22.1 million rupees, or 1.20 rupees per share, from 2.7 million rupees, or 15 paisa per share.

As of March 4, US$1 was equivalent to 104.73 Pakistani rupees.