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Feroze1888 Mills fiscal Q2 profit falls YOY

Feroze1888 Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 70 Pakistani paisa per share, a decline of 25.3% from 94 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 264.4 million rupees, a decline of 25.1% from 353.2 million rupees in the prior-year period.

The normalized profit margin dropped to 6.6% from 7.7% in the year-earlier period.

Total revenue declined 12.8% on an annual basis to 4.00 billion rupees from 4.58 billion rupees, and total operating expenses decreased 11.5% on an annual basis to 3.41 billion rupees from 3.85 billion rupees.

Reported net income fell 26.1% year over year to 381.6 million rupees, or 1.01 rupees per share, from 516.6 million rupees, or 1.37 rupees per share.

As of Feb. 24, US$1 was equivalent to 101.83 Pakistani rupees.