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Reliance Cotton Spinning Mills fiscal Q2 profit falls YOY

Reliance Cotton Spinning Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 4.22 Pakistani rupees per share, a decrease of 6.6% from 4.52 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 43.5 million rupees, a decline of 6.5% from 46.5 million rupees in the year-earlier period.

The normalized profit margin rose to 4.7% from 4.5% in the year-earlier period.

Total revenue fell 10.1% on an annual basis to 925.5 million rupees from 1.03 billion rupees, and total operating expenses decreased 9.6% on an annual basis to 847.3 million rupees from 936.8 million rupees.

Reported net income declined 21.6% on an annual basis to 57.2 million rupees, or 5.55 rupees per share, from 72.9 million rupees, or 7.09 rupees per share.

As of March 3, US$1 was equivalent to 101.89 Pakistani rupees.