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SPL Industries swings to loss in fiscal Q1

SPL Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 9 Indian paise per share, compared with 3 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.6 million rupees, compared with income of 763,130 rupees in the year-earlier period.

The normalized profit margin fell to negative 2.3% from 0.6% in the year-earlier period.

Total revenue fell 9.5% year over year to 112.7 million rupees from 124.5 million rupees, and total operating expenses fell from the prior-year period to 117.2 million rupees from 122.9 million rupees.

Reported net income totaled a loss of 4.2 million rupees, or a loss of 15 paise per share, compared to income of 1.2 million rupees, or 4 paise per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.