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Bannari Amman Spinning Mills fiscal Q3 profit falls YOY

Bannari Amman Spinning Mills Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 1.20 Indian rupees per share, a decline of 66.4% from 3.58 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 18.9 million rupees, a decline of 66.4% from 56.4 million rupees in the year-earlier period.

The normalized profit margin fell to 1.2% from 3.3% in the year-earlier period.

Total revenue decreased 5.0% on an annual basis to 1.63 billion rupees from 1.71 billion rupees, and total operating expenses fell from the prior-year period to 1.51 billion rupees from 1.53 billion rupees.

Reported net income decreased 66.9% from the prior-year period to 20.3 million rupees, or 1.29 rupees per share, from 61.4 million rupees, or 3.90 rupees per share.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.