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Dharani Finance swings to loss in fiscal Q1

Dharani Finance Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 18 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 862,500 rupees, compared with income of 398,750 rupees in the prior-year period.

The normalized profit margin dropped to negative 19.1% from 7.7% in the year-earlier period.

Total revenue decreased 13.3% on an annual basis to 4.5 million rupees from 5.2 million rupees, and total operating expenses climbed 26.4% year over year to 6.0 million rupees from 4.8 million rupees.

Reported net income came to a loss of 1.4 million rupees, or a loss of 28 paise per share, compared to income of 638,000 rupees, or 13 paise per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.