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SRK Industries swings to loss in fiscal Q1

S R K Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 4 Indian paise per share, compared with 2 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 3.0 million rupees, compared with income of 1.9 million rupees in the prior-year period.

The normalized profit margin fell to negative 125.3% from 12.5% in the year-earlier period.

Total revenue decreased 84.5% on an annual basis to 2.4 million rupees from 15.4 million rupees, and total operating expenses fell 44.0% year over year to 6.9 million rupees from 12.3 million rupees.

Reported net income totaled a loss of 4.8 million rupees, or a loss of 6 paise per share, compared to income of 2.4 million rupees, or 3 paise per share, in the prior-year period.

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