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Ellcot Spinning Mills fiscal Q3 profit falls YOY

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.