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Pradip Overseas fiscal Q2 loss narrows YOY

Pradip Overseas Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 374.5 million rupees, compared with a loss of 447.4 million 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 dropped to negative 115.6% from negative 15.9% in the year-earlier period.

Total revenue fell 88.5% year over year to 324.0 million rupees from 2.82 billion rupees, and total operating expenses declined 81.6% from the prior-year period to 523.0 million rupees from 2.85 billion rupees.

Reported net income came to a loss of 323.5 million rupees, compared with a loss of 547.5 million rupees in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.