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Kanel Industries fiscal Q2 loss widens 15.2% YOY

Kanel Industries Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 401,880 rupees, compared with a loss of 348,750 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 1.0% from negative 5.8% in the year-earlier period.

Total revenue climbed year over year to 39.0 million rupees from 6.0 million rupees, and total operating expenses climbed from the prior-year period to 39.6 million rupees from 6.6 million rupees.

Reported net income totaled a loss of 643,000 rupees, compared with a loss of 558,000 rupees in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.