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SRK Industries swings to loss in fiscal Q2

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SRK Industries swings to loss in fiscal Q2

S R K Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 3 Indian paise per share, compared with 6 paise 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 2.3 million rupees, compared with income of 2.3 million rupees in the prior-year period.

The normalized profit margin fell to negative 10.9% from 59.2% in the year-earlier period.

Total revenue increased year over year to 21.6 million rupees from 3.9 million rupees, and total operating expenses grew on an annual basis to 26.4 million rupees from 4.2 million rupees.

Reported net income totaled a loss of 3.7 million rupees, or a loss of 5 paise per share, compared to income of 2.6 million rupees, or 7 paise per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.