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Ellcot Spinning Mills fiscal Q1 profit falls YOY

Ellcot Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 69 Pakistani paisa per share, a decline of 24.1% from 90 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.4 million rupees, a decrease of 24.7% from 9.8 million rupees in the prior-year period.

The normalized profit margin fell to 0.7% from 0.8% in the year-earlier period.

Total revenue fell 14.9% year over year to 1.04 billion rupees from 1.22 billion rupees, and total operating expenses fell 14.6% on an annual basis to 1.01 billion rupees from 1.19 billion rupees.

Reported net income fell 73.2% on an annual basis to 1.4 million rupees, or 13 paisa per share, from 5.2 million rupees, or 48 paisa per share.

As of Nov. 9, US$1 was equivalent to 105.47 Pakistani rupees.