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Machino Plastics swings to loss in fiscal Q1

Machino Plastics Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 9 Indian paise per share, compared with 1 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 581,880 rupees, compared with income of 63,130 rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.1% from 0.0% in the year-earlier period.

Total revenue climbed 11.0% on an annual basis to 442.6 million rupees from 398.6 million rupees, and total operating expenses climbed 10.4% from the prior-year period to 430.6 million rupees from 390.2 million rupees.

Reported net income totaled a loss of 931,000 rupees, or a loss of 15 paise per share, compared to income of 101,000 rupees, or 2 paise per share, in the prior-year period.

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