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Sunrays Textile Mills fiscal Q2 profit falls YOY

Sunrays Textile Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 6.13 Pakistani rupees per share, a decline of 22.5% from 7.91 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 42.3 million rupees, a decline of 22.4% from 54.6 million rupees in the prior-year period.

The normalized profit margin dropped to 3.8% from 5.2% in the year-earlier period.

Total revenue grew year over year to 1.10 billion rupees from 1.05 billion rupees, and total operating expenses grew 7.6% year over year to 1.03 billion rupees from 956.2 million rupees.

Reported net income fell 34.2% from the prior-year period to 53.6 million rupees, or 7.76 rupees per share, from 81.4 million rupees, or 11.80 rupees per share.

As of March 2, US$1 was equivalent to 101.88 Pakistani rupees.