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Garden Silk Mills fiscal Q1 loss narrows YOY

Garden Silk Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 5.10 Indian rupees per share, compared with a loss of 8.75 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 204.6 million rupees, compared with a loss of 335.0 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 2.9% from negative 4.2% in the year-earlier period.

Total revenue decreased 11.9% on an annual basis to 7.07 billion rupees from 8.03 billion rupees, and total operating expenses declined 14.8% on an annual basis to 6.98 billion rupees from 8.19 billion rupees.

Reported net income came to a loss of 327.3 million rupees, or a loss of 8.16 rupees per share, compared to a loss of 361.9 million rupees, or a loss of 9.45 rupees per share, in the prior-year period.

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