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Premier Synthetics swings to loss in fiscal Q1

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Premier Synthetics swings to loss in fiscal Q1

Premier Synthetics Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 89 Indian paise per share, compared with 49 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 3.3 million rupees, compared with income of 1.8 million rupees in the year-earlier period.

The normalized profit margin fell to negative 9.3% from 4.0% in the year-earlier period.

Total revenue decreased 21.9% year over year to 35.0 million rupees from 44.7 million rupees, and total operating expenses came to 40.1 million rupees, compared with 40.0 million rupees in the year-earlier period.

Reported net income came to a loss of 5.2 million rupees, or a loss of 1.43 rupees per share, compared to income of 332,000 rupees, or 9 paise per share, in the year-earlier period.

As of July 15, US$1 was equivalent to 63.50 Indian rupees.