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Aarvee Denims & Exports swings to profit in fiscal Q1

Aarvee Denims and Exports Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 76 Indian paise per share, compared with a loss of 42 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 17.8 million rupees, compared with a loss of 9.9 million rupees in the prior-year period.

The normalized profit margin climbed to 0.8% from negative 0.6% in the year-earlier period.

Total revenue climbed 23.6% on an annual basis to 2.15 billion rupees from 1.74 billion rupees, and total operating expenses increased 21.9% year over year to 2.05 billion rupees from 1.68 billion rupees.

Reported net income totaled 21.8 million rupees, or 93 paise per share, compared to a loss of 16.2 million rupees, or a loss of 69 paise per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.