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Bannu Woollen Mills fiscal Q2 profit falls YOY

Bannu Woollen Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 3.12 Pakistani rupees per share, a decrease of 54.9% from 6.91 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 29.7 million rupees, a decline of 54.8% from 65.7 million rupees in the year-earlier period.

The normalized profit margin fell to 9.1% from 20.4% in the year-earlier period.

Total revenue climbed year over year to 328.3 million rupees from 321.7 million rupees, and total operating expenses climbed year over year to 269.6 million rupees from 266.7 million rupees.

Reported net income decreased 77.1% from the prior-year period to 18.2 million rupees, or 1.91 rupees per share, from 79.3 million rupees, or 8.34 rupees per share.

As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.