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SPL Industries swings to loss in fiscal Q2

SPL Industries Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 19 Indian paise per share, compared with 50 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.5 million rupees, compared with income of 14.3 million rupees in the prior-year period.

The normalized profit margin dropped to negative 4.6% from 11.1% in the year-earlier period.

Total revenue declined 8.3% on an annual basis to 118.4 million rupees from 129.1 million rupees, and total operating expenses rose 20.3% on an annual basis to 127.4 million rupees from 105.9 million rupees.

Reported net income totaled a loss of 9.1 million rupees, or a loss of 31 paise per share, compared to income of 22.8 million rupees, or 79 paise per share, in the prior-year period.

As of Nov. 18, US$1 was equivalent to 61.75 Indian rupees.