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Nahar Spinning Mills fiscal Q3 profit falls YOY

Nahar Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 1.50 Indian rupees per share, a decrease of 83.0% from 8.84 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 54.3 million rupees, a decrease of 83.0% from 318.9 million rupees in the prior-year period.

The normalized profit margin fell to 1.0% from 6.0% in the year-earlier period.

Total revenue increased year over year to 5.48 billion rupees from 5.31 billion rupees, and total operating expenses rose 12.0% year over year to 5.25 billion rupees from 4.69 billion rupees.

Reported net income decreased 83.0% on an annual basis to 57.4 million rupees, or 1.59 rupees per share, from 337.0 million rupees, or 9.34 rupees per share.

As of Feb. 3, US$1 was equivalent to 61.67 Indian rupees.