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Swasti Vinayaka Art & Heritage fiscal Q1 profit falls YOY

Swasti Vinayaka Art & Heritage Corp. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 6 Indian paise per share, a decline of 30.4% from 9 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 2.4 million rupees, a decline of 36.3% from 3.8 million rupees in the prior-year period.

The normalized profit margin declined to 14.0% from 20.0% in the year-earlier period.

Total revenue decreased 8.7% on an annual basis to 17.4 million rupees from 19.0 million rupees, and total operating expenses climbed 6.3% on an annual basis to 9.9 million rupees from 9.3 million rupees.

Reported net income fell 35.9% on an annual basis to 2.6 million rupees, or 7 paise per share, from 4.1 million rupees, or 10 paise per share.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.