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Kesoram Industries fiscal Q1 loss widens YOY

Kesoram Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 11.50 Indian rupees per share, compared with a loss of 12.86 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.26 billion rupees, compared with a loss of 624.4 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 10.0% from negative 4.9% in the year-earlier period.

Total revenue fell year over year to 12.63 billion rupees from 12.77 billion rupees, and total operating expenses grew 5.3% from the prior-year period to 13.06 billion rupees from 12.40 billion rupees.

Reported net income totaled a loss of 2.02 billion rupees, or a loss of 18.40 rupees per share, compared to a loss of 999.0 million rupees, or a loss of 20.57 rupees per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.