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Cosco (India) fiscal Q1 profit falls YOY

Cosco (India) Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 1.55 Indian rupees per share, a decline of 46.0% from 2.86 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 6.5 million rupees, a decline of 46.1% from 12.0 million rupees in the prior-year period.

The normalized profit margin dropped to 2.3% from 4.6% in the year-earlier period.

Total revenue increased 9.1% year over year to 286.4 million rupees from 262.6 million rupees, and total operating expenses rose 12.1% on an annual basis to 266.1 million rupees from 237.4 million rupees.

Reported net income increased on an annual basis to 5.3 million rupees, or 1.27 rupees per share, from 2.3 million rupees, or 54 paise per share.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.