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Sapphire Fibres fiscal Q2 profit falls YOY

Sapphire Fibres Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 13.62 Pakistani rupees per share, a decrease of 32.2% from 20.09 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 268.1 million rupees, a decrease of 32.2% from 395.6 million rupees in the year-earlier period.

The normalized profit margin declined to 4.2% from 5.1% in the year-earlier period.

Total revenue fell 16.7% on an annual basis to 6.42 billion rupees from 7.71 billion rupees, and total operating expenses fell 14.0% on an annual basis to 5.24 billion rupees from 6.09 billion rupees.

Reported net income declined 41.1% on an annual basis to 453.2 million rupees, or 23.02 rupees per share, from 769.4 million rupees, or 39.08 rupees per share.

As of March 3, US$1 was equivalent to 101.89 Pakistani rupees.