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CIEL Textile fiscal Q3 profit falls YOY

CIEL Textile Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 49 Mauritian cents per share, a decrease of 24.6% from 66 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 50.3 million rupees, a decrease of 24.6% from 66.7 million rupees in the year-earlier period.

The normalized profit margin fell to 2.1% from 3.3% in the year-earlier period.

Total revenue grew 16.3% year over year to 2.37 billion rupees from 2.04 billion rupees, and total operating expenses climbed 18.3% from the prior-year period to 2.25 billion rupees from 1.90 billion rupees.

Reported net income fell 37.2% year over year to 57.9 million rupees, or 57 cents per share, from 92.2 million rupees, or 91 cents per share.

As of May 12, US$1 was equivalent to 34.95 Mauritian rupees.