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Ellcot Spinning Mills fiscal Q2 profit falls YOY

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Ellcot Spinning Mills fiscal Q2 profit falls YOY

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.