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LWS Knitwear fiscal Q1 profit falls YOY

LWS Knitwear Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1 Indian paise per share, a decline of 81.8% from 7 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 50,000 rupees, a decrease of 85.5% from 345,630 rupees in the prior-year period.

The normalized profit margin dropped to 0.4% from 1.5% in the year-earlier period.

Total revenue declined 49.0% on an annual basis to 11.4 million rupees from 22.4 million rupees, and total operating expenses decreased 48.1% year over year to 11.3 million rupees from 21.8 million rupees.

Reported net income fell 85.5% from the prior-year period to 80,000 rupees, or 2 paise per share, from 553,000 rupees, or 11 paise per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.