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Rasandik Engineering Industries India swings to loss in fiscal Q1

Rasandik Engineering Industries India Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 86 Indian paise per share, compared with 42 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 4.1 million rupees, compared with income of 2.0 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.8% from 0.4% in the year-earlier period.

Total revenue grew 17.7% on an annual basis to 523.1 million rupees from 444.4 million rupees, and total operating expenses climbed 20.9% from the prior-year period to 500.3 million rupees from 413.9 million rupees.

Reported net income totaled a loss of 6.5 million rupees, or a loss of 1.38 rupees per share, compared to income of 2.5 million rupees, or 54 paise per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.