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Patspin India swings to loss in fiscal Q1

Patspin India Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 46 Indian paise per share, compared with 8 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 13.6 million rupees, compared with income of 3.5 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.2% from 0.3% in the year-earlier period.

Total revenue decreased 8.3% year over year to 1.17 billion rupees from 1.27 billion rupees, and total operating expenses fell 7.3% year over year to 1.11 billion rupees from 1.19 billion rupees.

Reported net income came to a loss of 21.7 million rupees, or a loss of 73 paise per share, compared to income of 3.4 million rupees, or 8 paise per share, in the year-earlier period.

As of Aug. 6, US$1 was equivalent to 63.70 Indian rupees.