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Prima Industries fiscal Q1 loss narrows YOY

Prima Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 21 Indian paise per share, compared with a loss of 36 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.3 million rupees, compared with a loss of 3.8 million rupees in the year-earlier period.

The normalized profit margin declined to negative 9.7% from negative 8.1% in the year-earlier period.

Total revenue decreased 49.4% year over year to 23.9 million rupees from 47.3 million rupees, and total operating expenses fell 48.3% from the prior-year period to 27.7 million rupees from 53.5 million rupees.

Reported net income totaled a loss of 3.7 million rupees, or a loss of 34 paise per share, compared to a loss of 6.1 million rupees, or a loss of 57 paise per share, in the year-earlier period.

As of Sept. 14, US$1 was equivalent to 66.34 Indian rupees.