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General Tyre & Rubber Co. of Pakistan fiscal Q2 profit climbs 47.8% YOY

General Tyre & Rubber Co. of Pakistan Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 2.75 Pakistani rupees per share, an increase of 47.5% from 1.87 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 164.8 million rupees, a gain of 47.8% from 111.5 million rupees in the prior-year period.

The normalized profit margin climbed to 6.7% from 5.1% in the year-earlier period.

Total revenue increased 14.0% on an annual basis to 2.47 billion rupees from 2.17 billion rupees, and total operating expenses climbed 11.7% on an annual basis to 2.13 billion rupees from 1.91 billion rupees.

Reported net income grew 56.3% from the prior-year period to 170.0 million rupees, or 2.84 rupees per share, from 108.8 million rupees, or 1.82 rupees per share.

As of Feb. 4, US$1 was equivalent to 101.17 Pakistani rupees.