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Fiberweb (India) fiscal Q1 loss widens 39.2% YOY

Fiberweb (India) Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 45 Indian paise per share, compared with a loss of 32 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.9 million rupees, compared with a loss of 4.3 million rupees in the prior-year period.

The normalized profit margin declined to negative 5.0% from negative 4.9% in the year-earlier period.

Total revenue grew 37.6% year over year to 118.9 million rupees from 86.4 million rupees, and total operating expenses grew 37.8% on an annual basis to 128.4 million rupees from 93.2 million rupees.

Reported net income came to a loss of 9.5 million rupees, or a loss of 72 paise per share, compared to a loss of 6.8 million rupees, or a loss of 52 paise per share, in the year-earlier period.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.