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Diana Tea swings to loss in Q2

Diana Tea Co. Ltd. said its normalized net income for the second quarter was a loss of 43 Indian paise per share, compared with 23 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.4 million rupees, compared with income of 3.4 million rupees in the prior-year period.

The normalized profit margin dropped to negative 6.7% from 3.5% in the year-earlier period.

Total revenue decreased year over year to 95.2 million rupees from 96.7 million rupees, and total operating expenses climbed 13.0% from the prior-year period to 106.5 million rupees from 94.2 million rupees.

Reported net income totaled a loss of 10.3 million rupees, or a loss of 68 paise per share, compared to income of 5.5 million rupees, or 37 paise per share, in the year-earlier period.

As of July 15, US$1 was equivalent to 63.50 Indian rupees.