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Shahtaj Textile fiscal Q2 profit falls YOY

Shahtaj Textile Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 1.24 Pakistani rupees per share, a decrease of 48.8% from 2.43 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 12.2 million rupees, a decrease of 48.2% from 23.5 million rupees in the prior-year period.

The normalized profit margin fell to 1.4% from 2.2% in the year-earlier period.

Total revenue decreased 17.2% on an annual basis to 879.3 million rupees from 1.06 billion rupees, and total operating expenses decreased 16.6% from the prior-year period to 847.5 million rupees from 1.02 billion rupees.

Reported net income decreased 87.1% from the prior-year period to 3.1 million rupees, or 32 paisa per share, from 24.2 million rupees, or 2.50 rupees per share.

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