Ellcot Spinning Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 1.11 Pakistani rupees per share, a decline of 34.2% from 1.69 rupees per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.1 million rupees, a decline of 34.7% from 18.5 million rupees in the year-earlier period.
The normalized profit margin dropped to 1.2% from 1.5% in the year-earlier period.
Total revenue decreased 20.5% on an annual basis to 988.2 million rupees from 1.24 billion rupees, and total operating expenses declined 20.0% from the prior-year period to 957.2 million rupees from 1.20 billion rupees.
Reported net income decreased 47.1% on an annual basis to 7.9 million rupees, or 73 paisa per share, from 15.0 million rupees, or 1.37 rupees per share.
As of March 3, US$1 was equivalent to 104.75 Pakistani rupees.