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Faisal Spinning Mills fiscal Q2 profit falls YOY

Faisal Spinning Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 2.79 Pakistani rupees per share, a decline of 82.5% from 15.95 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 27.9 million rupees, a decline of 82.5% from 159.5 million rupees in the prior-year period.

The normalized profit margin declined to 1.2% from 6.8% in the year-earlier period.

Total revenue totaled 2.35 billion rupees, compared with 2.34 billion rupees in the prior-year period, and total operating expenses rose 9.9% on an annual basis to 2.24 billion rupees from 2.04 billion rupees.

Reported net income fell 90.8% year over year to 21.4 million rupees, or 2.14 rupees per share, from 231.7 million rupees, or 23.17 rupees per share.

As of March 6, US$1 was equivalent to 101.77 Pakistani rupees.