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.