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Reliable Ventures India fiscal Q2 loss widens YOY

Reliable ventures India Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 46 Indian paise per share, compared with a loss of 3 paise 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 5.1 million rupees, compared with a loss of 308,750 rupees in the prior-year period.

The normalized profit margin dropped to negative 18.7% from negative 1.0% in the year-earlier period.

Total revenue decreased 9.3% year over year to 27.1 million rupees from 29.8 million rupees, and total operating expenses increased 13.1% on an annual basis to 35.8 million rupees from 31.7 million rupees.

Reported net income came to a loss of 8.1 million rupees, or a loss of 73 paise per share, compared to a loss of 237,000 rupees, or a loss of 2 paise per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.