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Spice Islands Apparels fiscal Q3 profit falls YOY

Spice Islands Apparels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 42 Indian paise per share, a decrease of 24.6% from 56 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 1.8 million rupees, a decrease of 24.1% from 2.4 million rupees in the year-earlier period.

The normalized profit margin declined to 3.2% from 5.5% in the year-earlier period.

Total revenue climbed 30.6% year over year to 57.2 million rupees from 43.8 million rupees, and total operating expenses climbed 66.3% year over year to 69.3 million rupees from 41.7 million rupees.

Reported net income decreased 43.0% on an annual basis to 2.0 million rupees, or 47 paise per share, from 3.6 million rupees, or 83 paise per share.

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