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Gini Silk Mills fiscal Q3 profit falls YOY

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Gini Silk Mills fiscal Q3 profit falls YOY

Gini Silk Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 3.4 million rupees, a decrease of 12.9% from 3.9 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 4.5% from 5.6% in the year-earlier period.

Total revenue climbed 10.2% on an annual basis to 76.4 million rupees from 69.3 million rupees, and total operating expenses grew 11.4% year over year to 72.0 million rupees from 64.6 million rupees.

Reported net income decreased 12.9% year over year to 5.4 million rupees, or 98 paise per share, from 6.2 million rupees.

As of Feb. 9, US$1 was equivalent to 62.14 Indian rupees.