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.