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ANG Industries fiscal Q2 loss widens 34.4% YOY

ANG Industries Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was 11.5 million rupees, compared with a loss of 8.6 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 2.9% from negative 2.2% in the year-earlier period.

Total revenue totaled 394.7 million rupees, compared with 393.5 million rupees in the prior-year period, and total operating expenses grew from the prior-year period to 370.1 million rupees from 356.3 million rupees.

Reported net income came to a loss of 19.0 million rupees, compared with a loss of 13.7 million rupees in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.