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STL Global fiscal Q1 loss widens 73.6% YOY

STL Global Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 2.64 Indian rupees per share, compared with a loss of 1.52 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 71.3 million rupees, compared with a loss of 41.1 million rupees in the prior-year period.

The normalized profit margin dropped to negative 41.1% from negative 26.0% in the year-earlier period.

Total revenue rose 10.0% on an annual basis to 173.7 million rupees from 157.9 million rupees, and total operating expenses rose 33.4% on an annual basis to 226.2 million rupees from 169.5 million rupees.

Reported net income came to a loss of 114.1 million rupees, or a loss of 4.23 rupees per share, compared to a loss of 65.7 million rupees, or a loss of 2.43 rupees per share, in the year-earlier period.

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