Ellcot Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 1.57 Pakistani rupees per share, a decline of 9.1% from 1.72 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.2 million rupees, a decline of 8.8% from 18.8 million rupees in the prior-year period.

The normalized profit margin fell to 1.6% from 1.7% in the year-earlier period.

Total revenue declined on an annual basis to 1.04 billion rupees from 1.08 billion rupees, and total operating expenses declined from the prior-year period to 1.00 billion rupees from 1.04 billion rupees.

Reported net income declined 6.0% from the prior-year period to 18.1 million rupees, or 1.65 rupees per share, from 19.3 million rupees, or 1.76 rupees per share.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.