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Suraj Cotton Mills fiscal Q3 profit falls YOY

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.