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Nagina Cotton Mills fiscal Q2 profit falls YOY

Nagina Cotton Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 2.60 Pakistani rupees per share, a decrease of 14.4% from 3.04 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 48.6 million rupees, a decrease of 14.5% from 56.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 4.0% from 4.9% in the year-earlier period.

Total revenue increased year over year to 1.22 billion rupees from 1.16 billion rupees, and total operating expenses increased 7.3% year over year to 1.12 billion rupees from 1.04 billion rupees.

Reported net income declined 30.2% on an annual basis to 65.2 million rupees, or 3.49 rupees per share, from 93.5 million rupees, or 5.00 rupees per share.

As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.