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Bhandari Hosiery Exports fiscal Q1 profit falls YOY

Bhandari Hosiery Exports Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 5 Indian paise per share, a decrease of 11.2% from 6 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 7.5 million rupees, a decrease of 11.9% from 8.5 million rupees in the year-earlier period.

The normalized profit margin climbed to 4.0% from 3.5% in the year-earlier period.

Total revenue fell 22.8% on an annual basis to 186.6 million rupees from 241.8 million rupees, and total operating expenses declined 25.3% year over year to 165.7 million rupees from 221.9 million rupees.

Reported net income decreased 11.9% year over year to 8.0 million rupees, or 6 paise per share, from 9.1 million rupees, or 6 paise per share.

As of Aug. 22, US$1 was equivalent to 60.49 Indian rupees.