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GBL Industries swings to loss in fiscal Q1

GBL Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 39,790 rupees, compared with income of 6,400 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 28.6% from 51.2% in the year-earlier period.

Total revenue climbed year over year to 139,240 rupees from 12,500 rupees, and total operating expenses rose from the prior-year period to 199,140 rupees from 1,620 rupees.

Reported net income came to a loss of 63,670 rupees, or a loss of 1 paise per share, compared to income of 10,240 rupees, or 1 paise per share, in the year-earlier period.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.