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SBEC Sugar fiscal Q1 loss narrows YOY

SBEC Sugar Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 31 Indian paise per share, compared with a loss of 2.74 rupees 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 14.8 million rupees, compared with a loss of 130.7 million rupees in the prior-year period.

The normalized profit margin increased to negative 1.1% from negative 12.2% in the year-earlier period.

Total revenue climbed 31.5% year over year to 1.41 billion rupees from 1.07 billion rupees, and total operating expenses rose 18.0% year over year to 1.41 billion rupees from 1.20 billion rupees.

Reported net income totaled a loss of 22.4 million rupees, or a loss of 47 paise per share, compared to a loss of 211.2 million rupees, or a loss of 4.43 rupees per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to 60.80 Indian rupees.