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Spice Islands Apparels fiscal Q1 profit falls YOY

Spice Islands Apparels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 308,750 rupees, a decline of 76.5% from 1.3 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.7% from 4.6% in the year-earlier period.

Total revenue grew 56.5% year over year to 45.0 million rupees from 28.8 million rupees, and total operating expenses rose 58.8% year over year to 45.7 million rupees from 28.8 million rupees.

Reported net income came to 341,000 rupees, compared with 1.4 million rupees, or 32 paise per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to 60.80 Indian rupees.