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Supreme Tex Mart swings to loss in fiscal Q1

Supreme Tex Mart Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 66 Indian paise per share, compared with 60 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 45.3 million rupees, compared with income of 38.3 million rupees in the year-earlier period.

The normalized profit margin declined to negative 4.2% from 1.7% in the year-earlier period.

Total revenue fell 52.0% year over year to 1.07 billion rupees from 2.23 billion rupees, and total operating expenses fell 50.0% on an annual basis to 1.03 billion rupees from 2.05 billion rupees.

Reported net income totaled a loss of 53.3 million rupees, or a loss of 78 paise per share, compared to income of 39.2 million rupees, or 61 paise per share, in the prior-year period.

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