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Shree Rajasthan Syntex swings to loss in fiscal Q1

Shree Rajasthan Syntex Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 41 Indian paise per share, compared with 5 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 5.1 million rupees, compared with income of 625,000 rupees in the prior-year period.

The normalized profit margin dropped to negative 0.7% from 0.1% in the year-earlier period.

Total revenue rose 16.0% on an annual basis to 772.6 million rupees from 666.0 million rupees, and total operating expenses climbed 20.1% from the prior-year period to 760.4 million rupees from 632.9 million rupees.

Reported net income came to a loss of 5.8 million rupees, or a loss of 47 paise per share, compared to income of 1.2 million rupees, or 10 paise per share, in the prior-year period.

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