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Timex Group India fiscal Q1 loss narrows YOY

Timex Group India Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 27 Indian paise per share, compared with a loss of 1.37 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 22.4 million rupees, compared with a loss of 133.2 million rupees in the prior-year period.

The normalized profit margin rose to negative 6.9% from negative 70.8% in the year-earlier period.

Total revenue climbed 73.2% on an annual basis to 325.8 million rupees from 188.1 million rupees, and total operating expenses fell 10.7% on an annual basis to 356.7 million rupees from 399.5 million rupees.

Reported net income totaled a loss of 35.9 million rupees, or a loss of 43 paise per share, compared to a loss of 213.1 million rupees, or a loss of 2.19 rupees per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.