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Reliance Cotton Spinning Mills fiscal Q3 profit climbs 59.2% YOY

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Reliance Cotton Spinning Mills fiscal Q3 profit climbs 59.2% YOY

Reliance Cotton Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 2.86 Pakistani rupees per share, a gain of 59.4% from 1.80 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.5 million rupees, a gain of 59.2% from 18.5 million rupees in the year-earlier period.

The normalized profit margin rose to 2.9% from 1.8% in the year-earlier period.

Total revenue declined on an annual basis to 1.00 billion rupees from 1.03 billion rupees, and total operating expenses declined from the prior-year period to 941.2 million rupees from 956.1 million rupees.

Reported net income grew from the prior-year period to 42.2 million rupees, or 4.10 rupees per share, from 20.8 million rupees, or 2.02 rupees per share.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.