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Piccadily Sugar & Allied Industries fiscal Q1 loss narrows YOY

Piccadily Sugar & Allied Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 6 Indian paise per share, compared with a loss of 8 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 1.6 million rupees, compared with a loss of 1.9 million rupees in the year-earlier period.

The normalized profit margin rose to negative 7.1% from negative 7.2% in the year-earlier period.

Total revenue declined 13.1% on an annual basis to 22.7 million rupees from 26.1 million rupees, and total operating expenses decreased 9.1% year over year to 25.8 million rupees from 28.4 million rupees.

Reported net income came to a loss of 261,000 rupees, or a loss of 1 paise per share, compared to a loss of 1.8 million rupees, or a loss of 8 paise per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.