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Nitin Spinners fiscal Q3 profit climbs YOY

Nitin Spinners Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 1.93 Indian rupees per share, a gain from 1.91 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 88.6 million rupees, a gain from 87.4 million rupees in the prior-year period.

The normalized profit margin dropped to 5.5% from 6.7% in the year-earlier period.

Total revenue climbed 23.4% on an annual basis to 1.60 billion rupees from 1.30 billion rupees, and total operating expenses rose 26.6% from the prior-year period to 1.41 billion rupees from 1.12 billion rupees.

Reported net income increased 15.7% on an annual basis to 105.0 million rupees, or 2.29 rupees per share, from 90.8 million rupees, or 1.98 rupees per share.

As of Feb. 9, US$1 was equivalent to 62.14 Indian rupees.