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Archies swings to loss in fiscal Q1

Archies Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 23 Indian paise per share, compared with 1 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 7.7 million rupees, compared with income of 395,000 rupees in the prior-year period.

The normalized profit margin fell to negative 2.0% from 0.1% in the year-earlier period.

Total revenue decreased on an annual basis to 382.3 million rupees from 393.4 million rupees, and total operating expenses totaled 392.3 million rupees, compared with 393.3 million rupees in the prior-year period.

Reported net income totaled a loss of 8.4 million rupees, or a loss of 25 paise per share, compared to income of 547,000 rupees, or 2 paise per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to 61.24 Indian rupees.