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Eastern Treads fiscal Q1 profit falls YOY

Eastern Treads Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 60 Indian paise per share, a decrease of 40.0% from 100 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 3.2 million rupees, a decline of 39.1% from 5.3 million rupees in the prior-year period.

The normalized profit margin declined to 1.3% from 2.6% in the year-earlier period.

Total revenue climbed 20.8% year over year to 249.9 million rupees from 206.9 million rupees, and total operating expenses increased 20.3% on an annual basis to 241.6 million rupees from 200.9 million rupees.

Reported net income rose 97.7% from the prior-year period to 10.0 million rupees, or 1.87 rupees per share, from 5.1 million rupees, or 96 paise per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.