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Nagreeka Exports fiscal Q1 profit falls YOY

Nagreeka Exports Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 63 Indian paise per share, a decrease of 12.9% from 73 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.9 million rupees, a decline of 12.9% from 9.1 million rupees in the year-earlier period.

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

Total revenue declined year over year to 1.20 billion rupees from 1.24 billion rupees, and total operating expenses declined from the prior-year period to 1.15 billion rupees from 1.16 billion rupees.

Reported net income decreased 12.9% on an annual basis to 12.7 million rupees, or 1.01 rupees per share, from 14.5 million rupees, or 1.16 rupees per share.

As of Aug. 17, US$1 was equivalent to 65.43 Indian rupees.