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Sambandam Spinning Mills profit misses consensus by 55.5% in fiscal Q2

Sambandam Spinning Mills Ltd said its normalized net income for the fiscal second quarter ended Sept. 30, 2014, amounted to 4.52 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 10.17 rupees per share.

EPS decreased 57.1% year over year from 10.54 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.3 million rupees, a decrease of 57.1% from 44.9 million rupees in the prior-year period.

The normalized profit margin declined to 3.3% from 6.8% in the year-earlier period.

Total revenue declined 12.9% year over year to 579.4 million rupees from 665.5 million rupees, and total operating expenses declined 6.6% from the prior-year period to 519.5 million rupees from 556.0 million rupees.

Reported net income decreased 62.3% on an annual basis to 18.2 million rupees, or 4.28 rupees per share, from 48.4 million rupees, or 11.35 rupees per share.

As of Jan. 5, US$1 was equivalent to 63.33 Indian rupees.