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.
