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Salfi Textile Mills fiscal Q2 profit climbs 30.6% YOY

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Salfi Textile Mills fiscal Q2 profit climbs 30.6% YOY

Salfi Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 4.27 Pakistani rupees per share, an increase of 30.5% from 3.27 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 14.3 million rupees, a gain of 30.6% from 10.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.2% from 1.3% in the year-earlier period.

Total revenue increased 45.2% on an annual basis to 1.22 billion rupees from 839.3 million rupees, and total operating expenses grew 47.9% year over year to 1.16 billion rupees from 787.1 million rupees.

Reported net income declined 30.1% from the prior-year period to 9.2 million rupees, or 2.75 rupees per share, from 13.2 million rupees, or 3.94 rupees per share.

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