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Reliance Weaving Mills fiscal Q3 profit falls YOY

Reliance Weaving Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 91 Pakistani paisa per share, a decrease of 11.2% from 1.02 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 27.1 million rupees, a decrease of 13.8% from 31.4 million rupees in the prior-year period.

The normalized profit margin declined to 0.9% from 1.0% in the year-earlier period.

Total revenue decreased 7.4% on an annual basis to 2.99 billion rupees from 3.23 billion rupees, and total operating expenses fell 9.4% year over year to 2.76 billion rupees from 3.05 billion rupees.

Reported net income declined 25.1% year over year to 13.1 million rupees, or 44 paisa per share, from 17.5 million rupees, or 57 paisa per share.

As of May 5, US$1 was equivalent to 101.75 Pakistani rupees.