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.
