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KMG Milk Food fiscal Q1 profit falls YOY

KMG Milk Food Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 19 Indian paise per share, a decrease of 26.2% from 26 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 1.0 million rupees, a decline of 24.8% from 1.4 million rupees in the prior-year period.

The normalized profit margin dropped to 22.5% from 30.0% in the year-earlier period.

Total revenue totaled 4.6 million rupees, compared with 4.6 million rupees in the prior-year period, and total operating expenses increased 23.2% on an annual basis to 3.0 million rupees from 2.4 million rupees.

Reported net income decreased 24.8% year over year to 1.7 million rupees, or 31 paise per share, from 2.2 million rupees, or 42 paise per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.