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Tariq Glass Industries profit misses consensus by 62.8% in fiscal Q2

Tariq Glass Industries Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 33 Pakistani paisa per share, compared with the S&P Capital IQ consensus estimate of 89 paisa per share.

EPS fell 13.8% year over year from 38 paisa.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.4 million rupees, a decrease of 13.3% from 28.1 million rupees in the prior-year period.

The normalized profit margin declined to 0.1% from 1.5% in the year-earlier period.

Total revenue grew 9.4% on an annual basis to 2.08 billion rupees from 1.90 billion rupees, and total operating expenses increased 12.3% from the prior-year period to 1.95 billion rupees from 1.73 billion rupees.

Reported net income grew from the prior-year period to 78.1 million rupees, or 1.06 rupees per share, from 22.7 million rupees, or 31 paisa per share.

As of March 25, US$1 was equivalent to 101.95 Pakistani rupees.