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GTN Industries fiscal Q2 loss narrows YOY

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GTN Industries fiscal Q2 loss narrows YOY

GTN Industries Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 92 Indian paise per share, compared with a loss of 2.08 rupees 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 16.1 million rupees, compared with a loss of 34.8 million rupees in the prior-year period.

The normalized profit margin increased to negative 2.5% from negative 3.2% in the year-earlier period.

Total revenue decreased 41.2% year over year to 642.0 million rupees from 1.09 billion rupees, and total operating expenses declined 42.5% year over year to 628.6 million rupees from 1.09 billion rupees.

Reported net income came to a loss of 107.1 million rupees, or a loss of 6.16 rupees per share, compared to a loss of 48.7 million rupees, or a loss of 2.91 rupees per share, in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.