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Minaxi Textiles fiscal Q3 profit climbs 27.5% YOY

Minaxi Textiles Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 15 Indian paise per share, an increase of 27.5% from 11 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.2 million rupees, a gain of 27.5% from 5.7 million rupees in the prior-year period.

The normalized profit margin rose to 3.5% from 2.2% in the year-earlier period.

Total revenue declined 22.1% year over year to 204.8 million rupees from 262.9 million rupees, and total operating expenses fell 25.0% from the prior-year period to 181.2 million rupees from 241.5 million rupees.

Reported net income rose 26.7% from the prior-year period to 9.5 million rupees, or 19 paise per share, from 7.5 million rupees, or 15 paise per share.

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