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Ghandhara Industries swings to profit in fiscal Q2

Ghandhara Industries Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 83 Pakistani paisa per share, compared with a loss of 1.07 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 17.4 million rupees, compared with a loss of 22.8 million rupees in the year-earlier period.

The normalized profit margin increased to 3.0% from negative 5.1% in the year-earlier period.

Total revenue increased 32.2% year over year to 586.3 million rupees from 443.3 million rupees, and total operating expenses rose 18.5% year over year to 514.1 million rupees from 433.7 million rupees.

Reported net income totaled 13.0 million rupees, or 62 paisa per share, compared to a loss of 31.6 million rupees, or a loss of 1.48 rupees per share, in the year-earlier period.

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