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Bhanero Textile Mills fiscal Q1 profit falls YOY

Bhanero Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 11.47 Pakistani rupees per share, a decline of 5.7% from 12.16 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 34.4 million rupees, a decrease of 5.7% from 36.5 million rupees in the year-earlier period.

The normalized profit margin rose to 2.2% from 2.1% in the year-earlier period.

Total revenue fell 5.8% on an annual basis to 1.60 billion rupees from 1.70 billion rupees, and total operating expenses decreased 5.2% from the prior-year period to 1.53 billion rupees from 1.61 billion rupees.

Reported net income decreased 5.5% year over year to 39.1 million rupees, or 13.04 rupees per share, from 41.4 million rupees, or 13.80 rupees per share.

As of Nov. 4, US$1 was equivalent to 105.42 Pakistani rupees.