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Uniroyal Marine Exports swings to loss in fiscal Q1

Uniroyal Marine Exports Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 1.6 million rupees, compared with income of 278,130 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 declined to negative 2.2% from 0.3% in the year-earlier period.

Total revenue fell 15.1% on an annual basis to 71.7 million rupees from 84.4 million rupees, and total operating expenses declined 12.5% year over year to 71.7 million rupees from 82.0 million rupees.

Reported net income totaled a loss of 2.6 million rupees, or a loss of 40 paise per share, compared to income of 445,000 rupees in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.