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Supreme Tex Mart fiscal Q2 loss narrows YOY

Supreme Tex Mart Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 1.51 Indian rupees per share, compared with a loss of 4.55 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 103.4 million rupees, compared with a loss of 297.5 million rupees in the year-earlier period.

The normalized profit margin rose to negative 12.6% from negative 19.8% in the year-earlier period.

Total revenue decreased 45.6% on an annual basis to 817.1 million rupees from 1.50 billion rupees, and total operating expenses decreased 49.8% on an annual basis to 929.0 million rupees from 1.85 billion rupees.

Reported net income came to a loss of 165.4 million rupees, or a loss of 2.42 rupees per share, compared to a loss of 916.4 million rupees, or a loss of 14.02 rupees per share, in the prior-year period.

As of Nov. 18, US$1 was equivalent to 66.14 Indian rupees.