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Riba Textiles fiscal Q1 profit falls YOY

Riba Textiles Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 17 Indian paise per share, a decline of 30.8% from 25 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 1.7 million rupees, a decrease of 30.5% from 2.4 million rupees in the prior-year period.

The normalized profit margin declined to 0.8% from 1.6% in the year-earlier period.

Total revenue grew 30.5% on an annual basis to 203.0 million rupees from 155.5 million rupees, and total operating expenses increased 33.6% on an annual basis to 194.3 million rupees from 145.5 million rupees.

Reported net income decreased 30.2% year over year to 2.4 million rupees, or 25 paise per share, from 3.5 million rupees, or 36 paise per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.