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GTN Textiles swings to loss in fiscal Q1

GTN Textiles Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 3 Indian paise per share, compared with 2 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 a loss of 312,500 rupees, compared with income of 312,500 rupees in the year-earlier period.

The normalized profit margin fell to negative 0.1% from 0.1% in the year-earlier period.

Total revenue fell 44.5% on an annual basis to 345.0 million rupees from 621.5 million rupees, and total operating expenses fell 46.0% on an annual basis to 318.7 million rupees from 589.7 million rupees.

Reported net income totaled a loss of 500,000 rupees, or a loss of 4 paise per share, compared to a loss of 400,000 rupees, or a loss of 3 paise per share, in the prior-year period.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.