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Sambandam Spinning Mills fiscal Q1 profit falls YOY

Sambandam Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 81 Indian paise per share, a decline of 89.7% from 7.90 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 3.5 million rupees, a decrease of 89.7% from 33.7 million rupees in the prior-year period.

The normalized profit margin fell to 0.7% from 4.8% in the year-earlier period.

Total revenue decreased 25.2% on an annual basis to 520.9 million rupees from 696.2 million rupees, and total operating expenses fell 19.9% year over year to 488.9 million rupees from 610.6 million rupees.

Reported net income fell 92.3% on an annual basis to 2.9 million rupees, or 68 paise per share, from 37.6 million rupees, or 8.82 rupees per share.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.