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Hisar Spinning Mills fiscal Q3 profit falls YOY

Hisar Spinning Mills Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 34 Indian paise per share, a decrease of 47.7% from 64 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 1.3 million rupees, a decrease of 46.5% from 2.4 million rupees in the year-earlier period.

The normalized profit margin declined to 2.0% from 4.6% in the year-earlier period.

Total revenue increased 23.1% year over year to 63.8 million rupees from 51.8 million rupees, and total operating expenses rose 29.1% year over year to 61.1 million rupees from 47.3 million rupees.

Reported net income fell 87.4% on an annual basis to 418,000 rupees, or 11 paise per share, from 3.3 million rupees, or 89 paise per share.

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