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Ledo Tea swings to loss in fiscal Q1

Ledo Tea Company Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 31 Indian paise per share, compared with 1.02 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 273,130 rupees, compared with income of 883,750 rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.6% from 6.8% in the year-earlier period.

Total revenue fell 18.4% year over year to 10.6 million rupees from 13.0 million rupees, and total operating expenses totaled 10.8 million rupees, compared with 10.8 million rupees in the prior-year period.

Reported net income totaled a loss of 437,000 rupees, or a loss of 50 paise per share, compared to income of 1.4 million rupees, or 1.64 rupees per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.