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.
