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Bhanero Textile Mills fiscal Q3 profit climbs 49.6% YOY

Bhanero Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 15.98 Pakistani rupees per share, an increase of 49.6% from 10.68 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 47.9 million rupees, a gain of 49.6% from 32.1 million rupees in the year-earlier period.

The normalized profit margin increased to 2.7% from 1.6% in the year-earlier period.

Total revenue decreased 11.1% on an annual basis to 1.80 billion rupees from 2.03 billion rupees, and total operating expenses fell 12.4% on an annual basis to 1.69 billion rupees from 1.93 billion rupees.

Reported net income increased 89.7% from the prior-year period to 58.7 million rupees, or 19.58 rupees per share, from 31.0 million rupees, or 10.32 rupees per share.

As of May 5, US$1 was equivalent to 101.75 Pakistani rupees.