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Naturite Agro Products swings to loss in fiscal Q2

Naturite Agro Products Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 50 Indian paise per share, compared with 5 paise 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 2.6 million rupees, compared with income of 266,880 rupees in the year-earlier period.

The normalized profit margin declined to negative 32.4% from 3.1% in the year-earlier period.

Total revenue decreased 6.2% on an annual basis to 8.1 million rupees from 8.7 million rupees, and total operating expenses increased 49.6% on an annual basis to 12.4 million rupees from 8.3 million rupees.

Reported net income came to a loss of 4.2 million rupees, or a loss of 80 paise per share, compared to income of 427,000 rupees, or 8 paise per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 66.41 Indian rupees.