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Lakshmi Mills fiscal Q3 profit falls YOY

The Lakshmi Mills Company Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 6.91 Indian rupees per share, a decrease of 23.5% from 9.03 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 4.8 million rupees, a decline of 23.5% from 6.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.0% from 1.1% in the year-earlier period.

Total revenue fell 11.0% on an annual basis to 496.8 million rupees from 558.3 million rupees, and total operating expenses decreased 9.7% from the prior-year period to 472.0 million rupees from 522.5 million rupees.

Reported net income declined 37.7% on an annual basis to 6.6 million rupees, or 9.45 rupees per share, from 10.6 million rupees, or 15.17 rupees per share.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.