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Punjab Oil Mills fiscal Q2 profit falls YOY

Punjab Oil Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 11.78 Pakistani rupees per share, a decline of 15.0% from 13.86 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 63.5 million rupees, a decline of 15.1% from 74.7 million rupees in the year-earlier period.

The normalized profit margin fell to 6.1% from 6.8% in the year-earlier period.

Total revenue declined 5.3% year over year to 1.05 billion rupees from 1.10 billion rupees, and total operating expenses fell from the prior-year period to 947.9 million rupees from 985.4 million rupees.

Reported net income decreased 25.3% year over year to 72.4 million rupees, or 13.43 rupees per share, from 96.9 million rupees, or 17.98 rupees per share.

As of Feb. 22, US$1 was equivalent to 104.80 Pakistani rupees.