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Sri Nachammai Cotton Mills swings to loss in fiscal Q2

Sri Nachammai Cotton Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 2.90 Indian rupees per share, compared with 2.57 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 12.4 million rupees, compared with income of 11.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 3.0% from 2.8% in the year-earlier period.

Total revenue rose 7.3% year over year to 420.1 million rupees from 391.6 million rupees, and total operating expenses climbed 11.7% year over year to 423.5 million rupees from 379.0 million rupees.

Reported net income came to a loss of 19.9 million rupees, or a loss of 4.64 rupees per share, compared to income of 17.6 million rupees, or 4.11 rupees per share, in the prior-year period.

As of Jan. 27, US$1 was equivalent to 61.36 Indian rupees.