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Hindustan Foods swings to profit in fiscal Q1

Hindustan Foods Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 21 Indian paise per share, compared with a loss of 90 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 1.0 million rupees, compared with a loss of 4.5 million rupees in the prior-year period.

The normalized profit margin increased to 1.6% from negative 18.0% in the year-earlier period.

Total revenue increased on an annual basis to 66.7 million rupees from 24.9 million rupees, and total operating expenses grew on an annual basis to 63.4 million rupees from 28.6 million rupees.

Reported net income totaled 1.7 million rupees, or 33 paise per share, compared to a loss of 7.2 million rupees, or a loss of 1.44 rupees per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.