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Premco Global fiscal Q1 profit falls YOY

Premco Global Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 4.98 Indian rupees per share, a decline of 25.3% from 6.66 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 16.2 million rupees, a decrease of 23.7% from 21.2 million rupees in the year-earlier period.

The normalized profit margin rose to 11.8% from 11.8% in the year-earlier period.

Total revenue declined 23.7% year over year to 137.4 million rupees from 180.1 million rupees, and total operating expenses decreased 28.0% from the prior-year period to 109.1 million rupees from 151.6 million rupees.

Reported net income fell 49.9% on an annual basis to 16.0 million rupees, or 4.92 rupees per share, from 32.0 million rupees, or 10.03 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.