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Simbhaoli Sugars fiscal Q1 loss narrows YOY

Simbhaoli Sugars Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 7.95 Indian rupees per share, compared with a loss of 9.51 rupees 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 219.7 million rupees, compared with a loss of 263.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 10.0% from negative 8.6% in the year-earlier period.

Total revenue decreased 28.2% on an annual basis to 2.19 billion rupees from 3.05 billion rupees, and total operating expenses fell 28.7% on an annual basis to 2.23 billion rupees from 3.13 billion rupees.

Reported net income totaled a loss of 345.9 million rupees, or a loss of 12.52 rupees per share, compared to a loss of 418.2 million rupees, or a loss of 15.08 rupees per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.