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Suryaamba Spinning Mills fiscal Q1 profit falls YOY

Suryaamba Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.88 Indian rupees per share, a decline of 25.0% from 2.50 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.8 million rupees, a decline from 5.9 million rupees in the year-earlier period.

The normalized profit margin declined to 1.5% from 1.7% in the year-earlier period.

Total revenue climbed 9.7% year over year to 389.0 million rupees from 354.6 million rupees, and total operating expenses increased 10.9% year over year to 376.9 million rupees from 339.7 million rupees.

Reported net income decreased on an annual basis to 9.2 million rupees, or 3.00 rupees per share, from 9.4 million rupees, or 4.00 rupees per share.

As of Aug. 18, US$1 was equivalent to 60.82 Indian rupees.