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.
