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SJ Corp. swings to loss in fiscal Q1

SJ Corp. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 9 Indian paise per share, compared with 23 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 763,750 rupees, compared with income of 2.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 0.6% from 2.2% in the year-earlier period.

Total revenue grew 38.5% on an annual basis to 123.7 million rupees from 89.3 million rupees, and total operating expenses increased 43.9% from the prior-year period to 124.0 million rupees from 86.1 million rupees.

Reported net income totaled a loss of 1.2 million rupees, or a loss of 15 paise per share, compared to income of 2.5 million rupees, or 30 paise per share, in the prior-year period.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.