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Premium Textile Mills fiscal Q2 profit falls YOY

Premium Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 6.49 Pakistani rupees per share, a decline of 43.4% from 11.48 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 40.0 million rupees, a decline of 43.4% from 70.7 million rupees in the prior-year period.

The normalized profit margin fell to 2.5% from 4.0% in the year-earlier period.

Total revenue fell 8.8% on an annual basis to 1.63 billion rupees from 1.78 billion rupees, and total operating expenses decreased 6.3% on an annual basis to 1.50 billion rupees from 1.60 billion rupees.

Reported net income decreased 31.7% on an annual basis to 47.5 million rupees, or 7.71 rupees per share, from 69.6 million rupees, or 11.29 rupees per share.

As of March 27, US$1 was equivalent to 101.88 Pakistani rupees.