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Reliance Cotton Spinning Mills fiscal Q1 profit falls YOY

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Reliance Cotton Spinning Mills fiscal Q1 profit falls YOY

Reliance Cotton Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 5.33 Pakistani rupees per share, a decline of 32.4% from 7.89 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 54.9 million rupees, a decrease of 32.4% from 81.2 million rupees in the prior-year period.

The normalized profit margin fell to 4.9% from 6.5% in the year-earlier period.

Total revenue decreased 10.6% year over year to 1.11 billion rupees from 1.24 billion rupees, and total operating expenses declined 10.9% on an annual basis to 986.5 million rupees from 1.11 billion rupees.

Reported net income fell 38.1% from the prior-year period to 76.8 million rupees, or 7.46 rupees per share, from 124.0 million rupees, or 12.05 rupees per share.

As of Nov. 27, US$1 was equivalent to 101.77 Pakistani rupees.