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Rana Sugars fiscal Q1 loss widens 74.7% YOY

Rana Sugars Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 76 Indian paise per share, compared with a loss of 44 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 116.6 million rupees, compared with a loss of 66.7 million rupees in the prior-year period.

The normalized profit margin dropped to negative 9.6% from negative 8.6% in the year-earlier period.

Total revenue grew 57.2% year over year to 1.22 billion rupees from 775.9 million rupees, and total operating expenses increased 72.7% on an annual basis to 1.20 billion rupees from 693.9 million rupees.

Reported net income came to a loss of 186.5 million rupees, or a loss of 1.22 rupees per share, compared to a loss of 106.8 million rupees, or a loss of 70 paise per share, in the prior-year period.

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