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Abhishek Corp. fiscal Q2 loss widens 13.8% YOY

Abhishek Corp. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 9.76 Indian rupees per share, compared with a loss of 8.57 rupees 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 156.2 million rupees, compared with a loss of 137.2 million rupees in the year-earlier period.

Total revenue fell 38.3% on an annual basis to 10.7 million rupees from 17.3 million rupees, and total operating expenses declined 12.5% year over year to 76.5 million rupees from 87.4 million rupees.

Reported net income totaled a loss of 249.9 million rupees, or a loss of 15.61 rupees per share, compared to a loss of 219.5 million rupees, or a loss of 13.71 rupees per share, in the prior-year period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.