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.
