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Spectrum Foods swings to loss in fiscal Q1

Spectrum Foods Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 692,500 rupees, compared with income of 256,880 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 6.3% from 6.1% in the year-earlier period.

Total revenue climbed on an annual basis to 11.0 million rupees from 4.2 million rupees, and total operating expenses increased 91.0% on an annual basis to 7.1 million rupees from 3.7 million rupees.

Reported net income totaled a loss of 1.1 million rupees, compared with income of 411,000 rupees, or 17 paise per share, in the prior-year period.

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