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Kanco Tea & Industries fiscal Q1 profit falls YOY

Kanco Tea & Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 1.72 Indian rupees per share, a decrease from 1.74 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.8 million rupees, a decline from 8.9 million rupees in the prior-year period.

The normalized profit margin increased to 18.8% from 18.5% in the year-earlier period.

Total revenue declined year over year to 47.0 million rupees from 48.2 million rupees, and total operating expenses increased on an annual basis to 32.4 million rupees from 31.5 million rupees.

Reported net income declined on an annual basis to 12.8 million rupees, or 2.50 rupees per share, from 13.0 million rupees, or 2.54 rupees per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.