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NTC Industries fiscal Q1 profit falls YOY

NTC industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 38 Indian paise per share, a decrease from 40 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 4.1 million rupees, a decrease of 5.0% from 4.3 million rupees in the year-earlier period.

The normalized profit margin rose to 9.1% from 5.4% in the year-earlier period.

Total revenue fell 43.6% year over year to 45.2 million rupees from 80.0 million rupees, and total operating expenses decreased 50.1% on an annual basis to 36.5 million rupees from 73.2 million rupees.

Reported net income declined 5.0% from the prior-year period to 6.6 million rupees, or 61 paise per share, from 6.9 million rupees, or 64 paise per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.