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.
