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Sapphire Textile Mills fiscal Q2 profit climbs 11.3% YOY

Sapphire Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 10.46 Pakistani rupees per share, an increase of 11.3% from 9.40 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 210.1 million rupees, a gain of 11.3% from 188.8 million rupees in the prior-year period.

The normalized profit margin rose to 3.6% from 2.8% in the year-earlier period.

Total revenue decreased 11.7% year over year to 5.89 billion rupees from 6.67 billion rupees, and total operating expenses declined 11.8% year over year to 5.46 billion rupees from 6.19 billion rupees.

Reported net income grew 39.1% year over year to 316.0 million rupees, or 15.73 rupees per share, from 227.2 million rupees, or 11.31 rupees per share.

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