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Spice Islands Apparels fiscal Q1 profit climbs YOY

Spice Islands Apparels Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 2.5 million rupees, a rise from 308,750 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 3.6% from 0.7% in the year-earlier period.

Total revenue grew 52.5% on an annual basis to 68.6 million rupees from 45.0 million rupees, and total operating expenses grew 46.4% year over year to 67.0 million rupees from 45.7 million rupees.

Reported net income totaled 2.8 million rupees, compared with 341,000 rupees in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.