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Himachal Fibres fiscal Q1 profit falls YOY

Himachal Fibres Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 61,880 rupees, a decrease of 96.3% from 1.7 million 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 fell to 0.0% from 0.5% in the year-earlier period.

Total revenue decreased 34.1% year over year to 205.9 million rupees from 312.5 million rupees, and total operating expenses declined 34.5% year over year to 195.9 million rupees from 299.2 million rupees.

Reported net income fell 96.3% on an annual basis to 80,000 rupees, or 0 paise per share, from 2.1 million rupees, or 3 paise per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.