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Sapphire Fibres fiscal Q1 profit falls YOY

Sapphire Fibres Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 17.05 Pakistani rupees per share, a decline of 5.9% from 18.12 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 335.8 million rupees, a decrease of 5.9% from 356.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 3.3% from 4.7% in the year-earlier period.

Total revenue increased 34.5% on an annual basis to 10.24 billion rupees from 7.62 billion rupees, and total operating expenses climbed 39.5% on an annual basis to 8.97 billion rupees from 6.43 billion rupees.

Reported net income grew 9.2% year over year to 555.1 million rupees, or 28.19 rupees per share, from 508.5 million rupees, or 25.83 rupees per share.

As of Nov. 27, US$1 was equivalent to 101.77 Pakistani rupees.