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AK Spintex fiscal Q1 profit climbs 64.6% YOY

A.K. Spintex Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.7 million rupees, a gain of 64.6% from 1.0 million 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 rose to 1.4% from 1.0% in the year-earlier period.

Total revenue grew 21.9% on an annual basis to 121.5 million rupees from 99.7 million rupees, and total operating expenses increased 22.3% year over year to 114.8 million rupees from 93.8 million rupees.

Reported net income grew 61.5% on an annual basis to 2.1 million rupees, or 43 paise per share, from 1.3 million rupees.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.