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Ovobel Foods swings to loss in fiscal Q1

Ovobel Foods Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 1.63 Indian rupees per share, compared with 1.99 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 17.1 million rupees, compared with income of 20.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 6.8% from 7.3% in the year-earlier period.

Total revenue decreased 12.3% year over year to 252.0 million rupees from 287.2 million rupees, and total operating expenses increased on an annual basis to 245.4 million rupees from 237.9 million rupees.

Reported net income totaled a loss of 27.4 million rupees, or a loss of 2.61 rupees per share, compared to income of 33.4 million rupees, or 3.18 rupees per share, in the year-earlier period.

As of July 15, US$1 was equivalent to 60.19 Indian rupees.