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Suryajyoti Spinning Mills fiscal Q1 loss widens 12.0% YOY

Suryajyoti Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 89 Indian paise per share, compared with a loss of 79 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 a loss of 17.6 million rupees, compared with a loss of 15.7 million rupees in the prior-year period.

The normalized profit margin declined to negative 1.9% from negative 1.5% in the year-earlier period.

Total revenue fell 13.6% year over year to 901.5 million rupees from 1.04 billion rupees, and total operating expenses declined 14.1% on an annual basis to 844.8 million rupees from 983.3 million rupees.

Reported net income totaled a loss of 28.1 million rupees, or a loss of 1.42 rupees per share, compared to a loss of 25.1 million rupees, or a loss of 1.27 rupees per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.