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IEC Education fiscal Q1 profit falls YOY

IEC Education Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 184,380 rupees, a decline of 85.8% 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 1.1% from 11.8% in the year-earlier period.

Total revenue rose 47.3% on an annual basis to 16.3 million rupees from 11.0 million rupees, and total operating expenses climbed 62.5% on an annual basis to 16.0 million rupees from 9.9 million rupees.

Reported net income totaled 69,000 rupees, compared with 1.5 million rupees, or 10 paise per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.