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Jindal Cotex fiscal Q2 loss widens YOY

Jindal Cotex Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 8.41 Indian rupees per share, compared with a loss of 1.87 rupees 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 378.7 million rupees, compared with a loss of 84.3 million rupees in the year-earlier period.

The normalized profit margin declined to negative 61.2% from negative 9.7% in the year-earlier period.

Total revenue decreased 28.9% on an annual basis to 618.2 million rupees from 869.9 million rupees, and total operating expenses rose 21.0% from the prior-year period to 1.06 billion rupees from 875.3 million rupees.

Reported net income totaled a loss of 605.9 million rupees, or a loss of 13.46 rupees per share, compared to a loss of 121.1 million rupees, or a loss of 2.69 rupees per share, in the prior-year period.

As of Nov. 17, US$1 was equivalent to 61.80 Indian rupees.