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Divinus Fabrics fiscal Q1 profit falls YOY

Divinus Fabrics Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 56,250 rupees, a decline of 48.3% from 108,750 rupees in the prior-year period.

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

The normalized profit margin fell to 0.7% from 3.5% in the year-earlier period.

Total revenue grew on an annual basis to 8.6 million rupees from 3.1 million rupees, and total operating expenses climbed on an annual basis to 8.6 million rupees from 2.9 million rupees.

Reported net income decreased 49.6% from the prior-year period to 60,000 rupees, or 1 paisa per share, from 119,000 rupees, or 24 paise per share.

As of Aug. 22, US$1 was equivalent to 60.49 Indian rupees.