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Nahar Industrial Enterprises swings to loss in fiscal Q1

Nahar Industrial Enterprises Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 1.01 Indian rupees per share, compared with 5.14 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 a loss of 40.1 million rupees, compared with income of 204.7 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.8% from 4.6% in the year-earlier period.

Total revenue climbed 9.0% on an annual basis to 4.86 billion rupees from 4.45 billion rupees, and total operating expenses grew 21.8% from the prior-year period to 4.66 billion rupees from 3.83 billion rupees.

Reported net income came to a loss of 54.0 million rupees, or a loss of 1.36 rupees per share, compared to income of 229.5 million rupees, or 5.76 rupees per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.