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Ellcot Spinning Mills fiscal Q3 profit climbs YOY

Ellcot Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 1.72 Pakistani rupees per share, a gain from 1.65 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 18.8 million rupees, a gain from 18.1 million rupees in the year-earlier period.

The normalized profit margin increased to 1.7% from 1.3% in the year-earlier period.

Total revenue fell 23.6% on an annual basis to 1.08 billion rupees from 1.41 billion rupees, and total operating expenses fell 23.7% year over year to 1.04 billion rupees from 1.36 billion rupees.

Reported net income decreased 21.8% year over year to 19.3 million rupees, or 1.76 rupees per share, from 24.6 million rupees, or 2.25 rupees per share.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.