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Prosperity Weaving Mills fiscal Q2 profit falls YOY

Prosperity Weaving Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 10 Pakistani paisa per share, a decline of 96.3% from 2.72 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 1.8 million rupees, a decrease of 96.4% from 50.3 million rupees in the prior-year period.

The normalized profit margin declined to 0.1% from 3.2% in the year-earlier period.

Total revenue rose 7.1% year over year to 1.70 billion rupees from 1.58 billion rupees, and total operating expenses increased 12.3% year over year to 1.66 billion rupees from 1.48 billion rupees.

Reported net income fell 96.0% year over year to 2.7 million rupees, or 15 paisa per share, from 66.9 million rupees, or 3.62 rupees per share.

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