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Pasupati Spinning & Weaving fiscal Q3 profit falls YOY

Pasupati Spinning & Weaving Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 6 Indian paise per share, a decline of 94.2% from 98 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 562,500 rupees, a decrease of 93.8% from 9.1 million rupees in the year-earlier period.

The normalized profit margin fell to 0.1% from 1.6% in the year-earlier period.

Total revenue fell 12.4% on an annual basis to 513.8 million rupees from 586.8 million rupees, and total operating expenses fell 10.2% from the prior-year period to 499.0 million rupees from 555.5 million rupees.

Reported net income decreased 95.9% year over year to 600,000 rupees, or 6 paise per share, from 14.6 million rupees, or 1.56 rupees per share.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.