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CIEL Textile fiscal Q3 profit falls YOY

CIEL Textile Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 66 Mauritian cents per share, a decrease of 15.3% from 77 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 66.7 million rupees, a decrease of 15.3% from 78.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 3.3% from 3.7% in the year-earlier period.

Total revenue decreased 5.0% year over year to 2.04 billion rupees from 2.15 billion rupees, and total operating expenses declined 5.2% from the prior-year period to 1.90 billion rupees from 2.01 billion rupees.

Reported net income decreased 10.5% on an annual basis to 92.2 million rupees, or 91 cents per share, from 103.0 million rupees, or 1.01 rupees per share.

As of May 12, US$1 was equivalent to 35.03 Mauritian rupees.