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Feroze1888 Mills fiscal Q2 profit climbs YOY

Feroze1888 Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 1.71 Pakistani rupees per share, a gain from 70 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 644.0 million rupees, an increase from 264.4 million rupees in the prior-year period.

The normalized profit margin increased to 13.1% from 6.6% in the year-earlier period.

Total revenue climbed 22.9% year over year to 4.91 billion rupees from 4.00 billion rupees, and total operating expenses increased 9.9% from the prior-year period to 3.76 billion rupees from 3.42 billion rupees.

Reported net income increased year over year to 981.6 million rupees, or 2.61 rupees per share, from 381.6 million rupees, or 1.01 rupees per share.

As of Feb. 26, US$1 was equivalent to 104.59 Pakistani rupees.