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CIL Nova Petrochemicals fiscal Q1 profit climbs 14.5% YOY

CIL Nova Petrochemicals Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 52 Indian paise per share, an increase of 17.0% from 44 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 6.9 million rupees, a gain of 14.5% from 6.1 million rupees in the prior-year period.

The normalized profit margin increased to 1.1% from 0.7% in the year-earlier period.

Total revenue decreased 22.6% year over year to 645.5 million rupees from 833.7 million rupees, and total operating expenses declined 23.1% on an annual basis to 620.7 million rupees from 807.5 million rupees.

Reported net income grew 15.4% year over year to 8.9 million rupees, or 66 paise per share, from 7.7 million rupees, or 56 paise per share.

As of Aug. 6, US$1 was equivalent to 61.34 Indian rupees.