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REIL Electricals India swings to loss in fiscal Q1

REIL Electricals India Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 51 Indian paise per share, compared with 7 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 a loss of 1.9 million rupees, compared with income of 257,500 rupees in the prior-year period.

The normalized profit margin declined to negative 5.4% from 0.5% in the year-earlier period.

Total revenue decreased 33.5% on an annual basis to 35.0 million rupees from 52.6 million rupees, and total operating expenses decreased 27.4% from the prior-year period to 37.1 million rupees from 51.1 million rupees.

Reported net income came to a loss of 3.0 million rupees, or a loss of 81 paise per share, compared to income of 412,000 rupees, or 11 paise per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.