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Tyroon Tea swings to loss in fiscal Q1

Tyroon Tea Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 1 Indian rupee per share, compared with 31 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 3.4 million rupees, compared with income of 1.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 17.4% from 10.7% in the year-earlier period.

Total revenue increased year over year to 19.5 million rupees from 9.6 million rupees, and total operating expenses grew year over year to 25.8 million rupees from 11.4 million rupees.

Reported net income totaled a loss of 5.4 million rupees, or a loss of 1.60 rupees per share, compared to income of 1.6 million rupees, or 49 paise per share, in the prior-year period.

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