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Gini Silk Mills fiscal Q1 profit falls YOY

Gini Silk Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 4.5 million rupees, a fall from 4.6 million 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 dropped to 4.6% from 4.6% in the year-earlier period.

Total revenue came to 98.9 million rupees, compared with 98.8 million rupees in the year-earlier period, and total operating expenses fell year over year to 90.2 million rupees from 91.9 million rupees.

Reported net income decreased 39.0% from the prior-year period to 4.5 million rupees, or 80 paise per share, from 7.3 million rupees.

As of July 27, US$1 was equivalent to 64.19 Indian rupees.