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Reliance Cotton Spinning Mills swings to profit in fiscal Q4

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Reliance Cotton Spinning Mills swings to profit in fiscal Q4

Reliance Cotton Spinning Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 was 2.17 Pakistani rupees per share, compared with a loss of 1.41 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 22.4 million rupees, compared with a loss of 14.5 million rupees in the prior-year period.

The normalized profit margin rose to 2.6% from negative 1.5% in the year-earlier period.

Total revenue decreased 11.6% year over year to 852.0 million rupees from 963.9 million rupees, and total operating expenses declined 15.3% on an annual basis to 813.7 million rupees from 960.3 million rupees.

Reported net income totaled 36.7 million rupees, or 3.56 rupees per share, compared to a loss of 33.4 million rupees, or a loss of 3.25 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 10.23 rupees per share, a decrease of 7.1% from 11.01 rupees per share in the prior year.

Normalized net income was 105.3 million rupees, a decline of 7.1% from 113.3 million rupees in the prior year.

Full-year total revenue fell 19.6% on an annual basis to 3.22 billion rupees from 4.01 billion rupees, and total operating expenses declined 19.4% year over year to 3.01 billion rupees from 3.74 billion rupees.

The company said reported net income declined 14.6% year over year to 121.9 million rupees, or 11.84 rupees per share, in the full year, from 142.7 million rupees, or 13.87 rupees per share.

As of Oct. 7, US$1 was equivalent to 104.63 Pakistani rupees.