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Pakistan Services fiscal Q2 profit falls YOY

Pakistan Services Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 292.9 million rupees, a fall of 21.3% from 372.0 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 12.0% from 17.8% in the year-earlier period.

Total revenue climbed 16.7% year over year to 2.44 billion rupees from 2.09 billion rupees, and total operating expenses increased 10.8% on an annual basis to 1.81 billion rupees from 1.64 billion rupees.

Reported net income came to 347.6 million rupees, compared with 490.8 million rupees in the prior-year period.

As of Feb. 29, US$1 was equivalent to 104.67 Pakistani rupees.