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Ponni Sugars fiscal Q1 loss narrows YOY

Ponni Sugars (Erode) Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 4.18 Indian rupees per share, compared with a loss of 7.31 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 a loss of 36.0 million rupees, compared with a loss of 62.9 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 9.4% from negative 22.2% in the year-earlier period.

Total revenue climbed 35.5% on an annual basis to 383.1 million rupees from 282.7 million rupees, and total operating expenses grew 18.2% from the prior-year period to 430.5 million rupees from 364.1 million rupees.

Reported net income came to a loss of 36.4 million rupees, or a loss of 4.23 rupees per share, compared to a loss of 66.4 million rupees, or a loss of 7.72 rupees per share, in the prior-year period.

As of July 22, US$1 was equivalent to 60.17 Indian rupees.