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Sky Industries swings to loss in fiscal Q2

Sky Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 41 Indian paise per share, compared with 25 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 1.6 million rupees, compared with income of 987,500 rupees in the year-earlier period.

The normalized profit margin fell to negative 1.0% from 0.6% in the year-earlier period.

Total revenue decreased 10.5% year over year to 152.5 million rupees from 170.4 million rupees, and total operating expenses declined 8.4% from the prior-year period to 144.4 million rupees from 157.6 million rupees.

Reported net income came to a loss of 1.8 million rupees, or a loss of 46 paise per share, compared to income of 2.3 million rupees, or 58 paise per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 62.02 Indian rupees.