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Suryajyoti Spinning Mills fiscal Q1 loss narrows YOY

Suryajyoti Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 79 Indian paise per share, compared with a loss of 1.15 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 15.7 million rupees, compared with a loss of 22.7 million rupees in the year-earlier period.

The normalized profit margin rose to negative 1.5% from negative 2.0% in the year-earlier period.

Total revenue decreased 6.8% year over year to 1.04 billion rupees from 1.12 billion rupees, and total operating expenses fell 8.6% year over year to 983.3 million rupees from 1.08 billion rupees.

Reported net income totaled a loss of 25.1 million rupees, or a loss of 1.27 rupees per share, compared to a loss of 25.4 million rupees, or a loss of 1.29 rupees per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.