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LN Industries India fiscal Q1 loss widens 91.8% YOY

LN Industries India Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 9 Indian paise per share, compared with a loss of 4 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 8.9 million rupees, compared with a loss of 4.7 million rupees in the year-earlier period.

Total revenue declined 97.3% on an annual basis to 302,000 rupees from 11.1 million rupees, and total operating expenses decreased 63.3% year over year to 5.3 million rupees from 14.3 million rupees.

Reported net income came to a loss of 14.3 million rupees, or a loss of 14 paise per share, compared to a loss of 7.5 million rupees, or a loss of 7 paise per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.