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Westlife Development swings to loss in fiscal Q1

Westlife Development Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 8.3 million rupees, compared with income of 14.3 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 fell to negative 0.4% from 0.7% in the year-earlier period.

Total revenue totaled 2.00 billion rupees, compared with 1.99 billion rupees in the year-earlier period, and total operating expenses grew from the prior-year period to 2.00 billion rupees from 1.96 billion rupees.

Reported net income totaled a loss of 13.4 million rupees, or a loss of 9 paise per share, compared to income of 21.9 million rupees in the prior-year period.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.