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Filatex Fashions swings to loss in fiscal H1

Filatex Fashions Ltd. said its normalized net income for the fiscal first half ended Sept. 30 amounted to a loss of 14 Indian paise per share, compared with 10 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.7 million rupees, compared with income of 1.2 million rupees in the prior-year period.

Total revenue decreased 12.5% year over year to 108.1 million rupees from 123.5 million rupees, and total operating expenses decreased 7.7% year over year to 110.9 million rupees from 120.2 million rupees.

Reported net income totaled a loss of 2.7 million rupees, or a loss of 23 paise per share, compared to income of 1.9 million rupees, or 16 paise per share, in the prior-year period.

As of Dec. 16, US$1 was equivalent to 63.94 Indian rupees.