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Gini Silk Mills fiscal Q1 profit climbs 95.8% YOY

Gini Silk Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 4.6 million rupees, a rise of 95.8% from 2.3 million 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 rose to 4.6% from 3.1% in the year-earlier period.

Total revenue grew 29.9% on an annual basis to 98.8 million rupees from 76.0 million rupees, and total operating expenses climbed 23.8% from the prior-year period to 91.9 million rupees from 74.2 million rupees.

Reported net income came to 7.3 million rupees, compared with 3.7 million rupees in the prior-year period.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.