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Eastern Silk Industries fiscal Q1 loss narrows YOY

Eastern Silk Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 19 Indian paise per share, compared with a loss of 3.95 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 14.9 million rupees, compared with a loss of 312.2 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 11.3% from negative 161.5% in the year-earlier period.

Total revenue decreased 31.7% on an annual basis to 132.2 million rupees from 193.3 million rupees, and total operating expenses declined 73.6% year over year to 153.1 million rupees from 578.9 million rupees.

Reported net income came to a loss of 23.9 million rupees, or a loss of 30 paise per share, compared to a loss of 923.7 million rupees, or a loss of 11.70 rupees per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 60.61 Indian rupees.