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Shahzad Textile Mills fiscal Q2 profit falls YOY

Shahzad Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 28 Pakistani paisa per share, a decline of 90.1% from 2.83 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 5.0 million rupees, a decline of 90.2% from 50.8 million rupees in the prior-year period.

The normalized profit margin dropped to 0.5% from 3.8% in the year-earlier period.

Total revenue fell 30.6% year over year to 939.6 million rupees from 1.35 billion rupees, and total operating expenses fell 28.0% on an annual basis to 913.1 million rupees from 1.27 billion rupees.

Reported net income declined 97.6% year over year to 1.4 million rupees, or 8 paisa per share, from 59.8 million rupees, or 3.33 rupees per share.

As of Feb. 25, US$1 was equivalent to 101.86 Pakistani rupees.