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ANG Industries swings to loss in fiscal Q1

ANG Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 15.3 million rupees, compared with income of 686,880 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 4.0% from 0.2% in the year-earlier period.

Total revenue declined on an annual basis to 384.9 million rupees from 403.9 million rupees, and total operating expenses climbed on an annual basis to 363.9 million rupees from 359.4 million rupees.

Reported net income came to a loss of 63.4 million rupees, compared with income of 1.1 million rupees in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.