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Asian Tea & Exports fiscal Q1 profit falls YOY

Asian Tea & Exports Ltd. its normalized net income for the fiscal first quarter ended June 30 amounted to 6 Indian paise per share, a decrease of 81.5% from 34 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 649,380 rupees, a decrease of 87.3% from 5.1 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.6% from 1.5% in the year-earlier period.

Total revenue declined 88.2% year over year to 39.6 million rupees from 335.3 million rupees, and total operating expenses decreased 88.2% from the prior-year period to 37.4 million rupees from 318.1 million rupees.

Reported net income declined 87.3% from the prior-year period to 1.0 million rupees, or 10 paise per share, from 8.2 million rupees, or 54 paise per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.