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Loyal Textile Mills profit misses consensus by 62.4% in fiscal Q1

Loyal Textile Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 5.07 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 13.49 rupees per share.

EPS decreased 46.6% year over year from 9.50 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.4 million rupees, a decrease of 46.7% from 45.8 million rupees in the prior-year period.

The normalized profit margin fell to 0.7% from 1.2% in the year-earlier period.

Total revenue fell 11.1% on an annual basis to 3.27 billion rupees from 3.68 billion rupees, and total operating expenses decreased 11.8% from the prior-year period to 3.06 billion rupees from 3.47 billion rupees.

Reported net income declined 48.3% from the prior-year period to 25.0 million rupees, or 5.19 rupees per share, from 48.4 million rupees, or 10.04 rupees per share.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.