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Jindal Cotex fiscal Q1 loss widens 5.4% YOY

Jindal Cotex Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 1.66 Indian rupees per share, compared with a loss of 1.33 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 63.3 million rupees, compared with a loss of 60.1 million rupees in the prior-year period.

The normalized profit margin dropped to negative 9.7% from negative 7.1% in the year-earlier period.

Total revenue fell 22.5% year over year to 651.9 million rupees from 841.2 million rupees, and total operating expenses decreased 22.5% on an annual basis to 674.3 million rupees from 870.0 million rupees.

Reported net income totaled a loss of 113.6 million rupees, or a loss of 2.98 rupees per share, compared to a loss of 110.3 million rupees, or a loss of 2.45 rupees per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.