Suraj Cotton Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 was 2.27 Pakistani rupees per share, a decline of 46.0% from 4.20 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 72.3 million rupees, a decline of 46.0% from 133.9 million rupees in the year-earlier period.

The normalized profit margin fell to 3.0% from 6.8% in the year-earlier period.

Total revenue totaled 1.97 billion rupees, compared with 1.98 billion rupees in the year-earlier period, and total operating expenses grew 4.9% from the prior-year period to 1.84 billion rupees from 1.75 billion rupees.

Reported net income declined 54.6% on an annual basis to 83.8 million rupees, or 2.63 rupees per share, from 184.7 million rupees, or 5.79 rupees per share.

As of June 24, US$1 was equivalent to 104.75 Pakistani rupees.