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Blessed Textiles fiscal Q2 profit falls YOY

Blessed Textiles Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 2.76 Pakistani rupees per share, a decrease of 9.9% from 3.06 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 17.8 million rupees, a decrease of 9.9% from 19.7 million rupees in the year-earlier period.

The normalized profit margin rose to 1.0% from 1.0% in the year-earlier period.

Total revenue decreased 10.7% on an annual basis to 1.76 billion rupees from 1.97 billion rupees, and total operating expenses fell 8.9% year over year to 1.69 billion rupees from 1.86 billion rupees.

Reported net income fell 12.8% on an annual basis to 10.6 million rupees, or 1.64 rupees per share, from 12.1 million rupees, or 1.88 rupees per share.

As of March 1, US$1 was equivalent to 104.72 Pakistani rupees.