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KMG Milk Food swings to loss in fiscal Q2

KMG Milk Food Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 57 Indian paise per share, compared with 26 paise 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 3.1 million rupees, compared with income of 1.4 million rupees in the prior-year period.

Reported net income came to a loss of 4.9 million rupees, or a loss of 92 paise per share, compared to income of 2.2 million rupees, or 42 paise per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.