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Bannari Amman Spinning Mills fiscal Q2 profit falls YOY

Bannari Amman Spinning Mills Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 1.63 Indian rupees per share, a decline of 77.2% from 7.17 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 25.7 million rupees, a decrease of 77.2% from 113.0 million rupees in the year-earlier period.

The normalized profit margin fell to 1.6% from 6.2% in the year-earlier period.

Total revenue decreased 12.9% on an annual basis to 1.60 billion rupees from 1.83 billion rupees, and total operating expenses declined 6.8% year over year to 1.46 billion rupees from 1.56 billion rupees.

Reported net income declined 79.0% year over year to 25.8 million rupees, or 1.64 rupees per share, from 123.0 million rupees, or 7.81 rupees per share.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.