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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, 2014, amounted to 1.69 Pakistani rupees per share, a decline of 67.7% from 5.22 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 18.5 million rupees, a decline of 67.7% from 57.2 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.5% from 3.7% in the year-earlier period.

Total revenue decreased 19.4% on an annual basis to 1.24 billion rupees from 1.54 billion rupees, and total operating expenses decreased 16.1% year over year to 1.20 billion rupees from 1.43 billion rupees.

Reported net income declined 80.3% year over year to 15.0 million rupees, or 1.37 rupees per share, from 76.2 million rupees, or 6.96 rupees per share.

As of Feb. 27, US$1 was equivalent to 101.83 Pakistani rupees.