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Bhanero Textile Mills fiscal Q2 profit climbs 96.8% YOY

Bhanero Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 16.38 Pakistani rupees per share, an increase of 96.7% from 8.32 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 49.1 million rupees, a gain of 96.8% from 25.0 million rupees in the prior-year period.

The normalized profit margin rose to 3.2% from 1.4% in the year-earlier period.

Total revenue declined 14.5% year over year to 1.54 billion rupees from 1.81 billion rupees, and total operating expenses declined 16.5% year over year to 1.45 billion rupees from 1.73 billion rupees.

Reported net income increased on an annual basis to 63.1 million rupees, or 21.05 rupees per share, from 21.8 million rupees, or 7.27 rupees per share.

As of March 1, US$1 was equivalent to 104.72 Pakistani rupees.