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Value Industries Q2 loss narrows YOY

Value Industries Ltd. said its normalized net income for the second quarter came to a loss of 57 Indian paise per share, compared with a loss of 2.18 rupees 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 22.4 million rupees, compared with a loss of 85.5 million rupees in the year-earlier period.

The normalized profit margin rose to negative 0.6% from negative 2.3% in the year-earlier period.

Total revenue rose year over year to 3.84 billion rupees from 3.78 billion rupees, and total operating expenses totaled 3.71 billion rupees, compared with 3.69 billion rupees in the prior-year period.

Reported net income totaled a loss of 27.2 million rupees, or a loss of 69 paise per share, compared to a loss of 110.3 million rupees, or a loss of 2.81 rupees per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.