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Hum Network fiscal Q2 profit falls YOY

Hum Network Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 2 Pakistani paisa per share, a decrease of 83.4% from 14 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 20.9 million rupees, a decrease of 84.2% from 131.6 million rupees in the year-earlier period.

The normalized profit margin dropped to 2.0% from 14.3% in the year-earlier period.

Total revenue climbed 14.3% year over year to 1.05 billion rupees from 922.2 million rupees, and total operating expenses increased 43.6% year over year to 1.01 billion rupees from 704.6 million rupees.

Reported net income fell 83.2% year over year to 27.0 million rupees, or 3 paisa per share, from 160.8 million rupees, or 17 paisa per share.

As of Feb. 29, US$1 was equivalent to 104.67 Pakistani rupees.