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Sri Ramakrishna Mills fiscal Q1 loss narrows YOY

Sri Ramakrishna Mills (Coimbatore) Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 57 Indian paise per share, compared with a loss of 76 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 4.1 million rupees, compared with a loss of 5.4 million rupees in the year-earlier period.

The normalized profit margin increased to negative 7.1% from negative 17.0% in the year-earlier period.

Total revenue climbed 81.7% year over year to 57.7 million rupees from 31.7 million rupees, and total operating expenses grew 72.1% from the prior-year period to 56.9 million rupees from 33.1 million rupees.

Reported net income came to a loss of 6.5 million rupees, or a loss of 92 paise per share, compared to a loss of 8.6 million rupees, or a loss of 1.21 rupees per share, in the year-earlier period.

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