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Selected Textiles fiscal Q1 profit falls YOY

Selected Textiles SA said its normalized net income for the fiscal first quarter ended Sept. 30 came to €48,560, a fall of 91.4% from €564,000 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 0.6% from 6.2% in the year-earlier period.

Total revenue fell 12.1% year over year to €8.0 million from €9.1 million, and total operating expenses decreased year over year to €7.2 million from €7.5 million.

Reported net income came to a loss of €151,730, or a loss of 0 cents per share, compared to income of €39,850, or 0 cents per share, in the prior-year period.