CHENNAI: Chennai-based Spel Semiconductor has reported an 11.93% decline in its first quarter net profit due to rupee appreciation. The company, which assembles and tests integrated circuits for consumer electronic applications, posted a net profit of Rs 60.05 lakh in quarter ended 30 June, 2007, down Rs 60.87 lakh during the same period last year. The company’s revenues went up 21% to Rs 14.93 crore in Q1 2007-08, from Rs 12.31 a year ago. SPEL also received formal approval for setting up a Special Economic Zone (SEZ) in its campus, it said in a press statement.