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Abhishek Corp. fiscal Q1 loss widens 34.8% YOY

Abhishek Corp. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 9.69 Indian rupees per share, compared with a loss of 7.19 rupees 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 155.0 million rupees, compared with a loss of 115.0 million rupees in the prior-year period.

Total revenue fell 73.6% on an annual basis to 13.9 million rupees from 52.9 million rupees, and total operating expenses fell year over year to 85.8 million rupees from 89.4 million rupees.

Reported net income totaled a loss of 248.1 million rupees, or a loss of 15.50 rupees per share, compared to a loss of 184.0 million rupees, or a loss of 11.50 rupees per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.