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Rasoya Proteins swings to loss in fiscal Q1

Rasoya Proteins Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 18 Indian paise per share, compared with 9 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 307.7 million rupees, compared with income of 141.6 million rupees in the prior-year period.

The normalized profit margin fell to negative 184.9% from 3.8% in the year-earlier period.

Total revenue fell 95.5% on an annual basis to 166.4 million rupees from 3.73 billion rupees, and total operating expenses decreased 81.6% from the prior-year period to 627.9 million rupees from 3.40 billion rupees.

Reported net income came to a loss of 491.4 million rupees, or a loss of 29 paise per share, compared to income of 198.3 million rupees, or 12 paise per share, in the year-earlier period.

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