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Kandagiri Spinning Mills fiscal Q1 profit falls YOY

Kandagiri Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 3.66 Indian rupees per share, a decrease of 8.2% from 3.99 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 14.1 million rupees, a decline of 8.1% from 15.3 million rupees in the prior-year period.

The normalized profit margin dropped to 3.3% from 3.4% in the year-earlier period.

Total revenue declined 5.2% on an annual basis to 424.1 million rupees from 447.4 million rupees, and total operating expenses fell 5.0% year over year to 375.1 million rupees from 394.8 million rupees.

Reported net income declined year over year to 16.2 million rupees, or 4.20 rupees per share, from 17.0 million rupees, or 4.41 rupees per share.

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