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Ibrahim Fibres fiscal Q2 profit falls YOY

Ibrahim Fibres Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 65 Pakistani paisa per share, a decline of 38.5% from 1.06 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 202.9 million rupees, a decline of 38.6% from 330.5 million rupees in the year-earlier period.

The normalized profit margin dropped to 2.2% from 2.6% in the year-earlier period.

Total revenue decreased 26.2% year over year to 9.24 billion rupees from 12.53 billion rupees, and total operating expenses declined 22.5% year over year to 9.30 billion rupees from 12.01 billion rupees.

Reported net income decreased 10.5% from the prior-year period to 298.2 million rupees, or 96 paisa per share, from 333.1 million rupees, or 1.07 rupees per share.

As of Feb. 26, US$1 was equivalent to 101.85 Pakistani rupees.