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Bhilwara Spinners swings to profit in fiscal Q1

Bhilwara Spinners Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 656,880 rupees, compared with a loss of 50,000 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 increased to 54.4% from negative 2.0% in the year-earlier period.

Total revenue declined 51.9% year over year to 1.2 million rupees from 2.5 million rupees, and total operating expenses decreased 41.0% from the prior-year period to 1.5 million rupees from 2.6 million rupees.

Reported net income came to 726,000 rupees, or 11 paise per share, compared to a loss of 80,000 rupees, or a loss of 1 paise per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.