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Salona Cotspin fiscal Q1 profit falls YOY

Salona Cotspin Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.10 Indian rupees per share, a decrease of 58.1% from 2.63 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 5.8 million rupees, a decrease of 58.2% from 13.9 million rupees in the prior-year period.

The normalized profit margin dropped to 2.6% from 7.1% in the year-earlier period.

Total revenue rose 15.8% on an annual basis to 225.7 million rupees from 194.9 million rupees, and total operating expenses increased 28.5% from the prior-year period to 208.1 million rupees from 162.0 million rupees.

Reported net income declined 58.2% on an annual basis to 7.4 million rupees, or 1.41 rupees per share, from 17.7 million rupees, or 3.37 rupees per share.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.