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Supreme Tex Mart fiscal Q1 loss narrows YOY

Supreme Tex Mart Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 31 Indian paise per share, compared with a loss of 66 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 21.0 million rupees, compared with a loss of 45.3 million rupees in the year-earlier period.

The normalized profit margin increased to negative 2.5% from negative 4.2% in the year-earlier period.

Total revenue declined 20.8% year over year to 849.6 million rupees from 1.07 billion rupees, and total operating expenses declined 19.8% year over year to 822.7 million rupees from 1.03 billion rupees.

Reported net income totaled a loss of 33.7 million rupees, or a loss of 49 paise per share, compared to a loss of 53.3 million rupees, or a loss of 78 paise per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.