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Atlas Jewellery India fiscal Q1 loss widens 22.1% YOY

Atlas Jewellery India Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 3 Indian paise per share, compared with a loss of 4 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 2.7 million rupees, compared with a loss of 2.2 million rupees in the year-earlier period.

The normalized profit margin declined to negative 5.3% from negative 4.0% in the year-earlier period.

Total revenue fell 8.4% on an annual basis to 49.9 million rupees from 54.5 million rupees, and total operating expenses climbed 34.8% on an annual basis to 78.1 million rupees from 57.9 million rupees.

Reported net income came to a loss of 2.8 million rupees, or a loss of 3 paise per share, compared to a loss of 3.5 million rupees, or a loss of 7 paise per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.