R.N. Spinning Mills Ltd. said its first-quarter normalized net income amounted to 6 poisha per share, a decrease of 81.9% from 36 poisha per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.6 million taka, a decrease of 81.4% from 126.3 million taka in the year-earlier period.

The normalized profit margin fell to 5.3% from 13.4% in the year-earlier period.

Total revenue declined 53.0% year over year to 443.2 million taka from 942.6 million taka, and total operating expenses fell 45.3% on an annual basis to 405.6 million taka from 741.1 million taka.

Reported net income fell 85.5% year over year to 27.9 million taka, or 8 poisha per share, from 192.3 million taka, or 54 poisha per share.

As of May 14, US$1 was equivalent to 77.90 taka.