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Span Divergent fiscal Q1 loss narrows YOY

Span Divergent Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 1.90 Indian rupees per share, compared with a loss of 2.17 rupees 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 13.8 million rupees, compared with a loss of 15.8 million rupees in the prior-year period.

The normalized profit margin rose to negative 6.6% from negative 10.2% in the year-earlier period.

Total revenue rose 34.9% on an annual basis to 208.1 million rupees from 154.3 million rupees, and total operating expenses increased 29.0% year over year to 221.3 million rupees from 171.5 million rupees.

Reported net income totaled a loss of 20.1 million rupees, or a loss of 2.77 rupees per share, compared to a loss of 30.1 million rupees, or a loss of 4.14 rupees per share, in the year-earlier period.

As of Aug. 22, US$1 was equivalent to 60.49 Indian rupees.