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Fazal Cloth Mills fiscal Q2 profit falls YOY

Fazal Cloth Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 6.20 Pakistani rupees per share, a decrease of 6.7% from 6.65 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 185.8 million rupees, a decline of 6.8% from 199.2 million rupees in the prior-year period.

The normalized profit margin declined to 2.7% from 3.6% in the year-earlier period.

Total revenue grew 26.3% year over year to 6.95 billion rupees from 5.50 billion rupees, and total operating expenses climbed 29.2% year over year to 6.29 billion rupees from 4.86 billion rupees.

Reported net income declined 63.2% year over year to 79.7 million rupees, or 2.66 rupees per share, from 216.9 million rupees, or 7.23 rupees per share.

As of Feb. 26, US$1 was equivalent to 101.85 Pakistani rupees.