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Sanrhea Technical Textiles swings to loss in fiscal Q2

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Sanrhea Technical Textiles swings to loss in fiscal Q2

Sanrhea Technical Textiles Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 80 Indian paise per share, compared with 15 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 2.4 million rupees, compared with income of 445,630 rupees in the year-earlier period.

The normalized profit margin fell to negative 5.0% from 0.6% in the year-earlier period.

Total revenue decreased 36.0% on an annual basis to 48.4 million rupees from 75.6 million rupees, and total operating expenses declined 31.5% on an annual basis to 49.5 million rupees from 72.2 million rupees.

Reported net income came to a loss of 3.2 million rupees, or a loss of 1.07 rupees per share, compared to income of 531,000 rupees, or 18 paise per share, in the prior-year period.

As of Nov. 4, US$1 was equivalent to 65.45 Indian rupees.