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Zenith Exports fiscal Q1 loss widens YOY

Zenith Exports Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 1.2 million rupees, compared with a loss of 437,500 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.2% from negative 0.1% in the year-earlier period.

Total revenue fell 11.6% year over year to 636.2 million rupees from 719.6 million rupees, and total operating expenses declined 9.3% year over year to 642.3 million rupees from 708.3 million rupees.

Reported net income came to 1.0 million rupees, or 18 paise per share, compared to a loss of 2.7 million rupees in the prior-year period.

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