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Hisar Spinning Mills swings to loss in fiscal Q1

Hisar Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 18 Indian paise per share, compared with 10 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 676,880 rupees, compared with income of 395,000 rupees in the prior-year period.

The normalized profit margin dropped to negative 1.2% from 0.7% in the year-earlier period.

Total revenue came to 55.1 million rupees, compared with 55.1 million rupees in the prior-year period, and total operating expenses climbed from the prior-year period to 55.6 million rupees from 54.0 million rupees.

Reported net income came to a loss of 1.0 million rupees, or a loss of 27 paise per share, compared to income of 1.1 million rupees, or 28 paise per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 65.15 Indian rupees.