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Machino Plastics fiscal Q2 loss narrows YOY

Machino Plastics Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 57 Indian paise per share, compared with a loss of 4.69 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 3.5 million rupees, compared with a loss of 28.8 million rupees in the prior-year period.

The normalized profit margin increased to negative 0.7% from negative 7.4% in the year-earlier period.

Total revenue climbed 25.0% year over year to 482.5 million rupees from 386.0 million rupees, and total operating expenses rose 13.0% from the prior-year period to 474.9 million rupees from 420.2 million rupees.

Reported net income totaled a loss of 5.7 million rupees, or a loss of 92 paise per share, compared to a loss of 46.0 million rupees, or a loss of 7.50 rupees per share, in the year-earlier period.

As of Nov. 18, US$1 was equivalent to 61.75 Indian rupees.