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Diamond Industries fiscal Q1 loss widens YOY

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Diamond Industries fiscal Q1 loss widens YOY

Diamond Industries Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 79 Pakistani paisa per share, compared with a loss of 6 paisa 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 7.1 million rupees, compared with a loss of 580,440 rupees in the prior-year period.

The normalized profit margin declined to negative 7.6% from negative 0.5% in the year-earlier period.

Total revenue declined 24.0% year over year to 92.5 million rupees from 121.7 million rupees, and total operating expenses declined 17.1% from the prior-year period to 99.0 million rupees from 119.5 million rupees.

Reported net income totaled a loss of 12.1 million rupees, or a loss of 1.35 rupees per share, compared to a loss of 2.3 million rupees, or a loss of 25 paisa per share, in the year-earlier period.

As of Oct. 29, US$1 was equivalent to 103.05 Pakistani rupees.