Reliance Cotton Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 was 2.73 Pakistani rupees per share, a decline of 48.9% from 5.33 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 28.1 million rupees, a decrease of 48.8% from 54.9 million rupees in the year-earlier period.

The normalized profit margin declined to 3.5% from 4.9% in the year-earlier period.

Total revenue fell 27.2% on an annual basis to 810.6 million rupees from 1.11 billion rupees, and total operating expenses decreased 23.1% from the prior-year period to 758.7 million rupees from 986.5 million rupees.

Reported net income declined 51.2% from the prior-year period to 37.5 million rupees, or 3.64 rupees per share, from 76.8 million rupees, or 7.46 rupees per share.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.