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Delta Corp. swings to loss in fiscal Q2

Delta Corp. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 1.4 million rupees, compared with income of 121.3 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 dropped to negative 0.2% from 8.7% in the year-earlier period.

Total revenue declined 45.4% year over year to 759.6 million rupees from 1.39 billion rupees, and total operating expenses decreased 41.5% on an annual basis to 652.1 million rupees from 1.11 billion rupees.

Reported net income totaled a loss of 35.5 million rupees, or a loss of 16 paise per share, compared to income of 58.3 million rupees, or 26 paise per share, in the prior-year period.

As of Oct. 16, US$1 was equivalent to 61.79 Indian rupees.