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Hisar Spinning Mills fiscal Q1 profit falls YOY

Hisar Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 10 Indian paise per share, a decrease of 82.2% from 59 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 395,000 rupees, a decline of 81.9% from 2.2 million rupees in the year-earlier period.

The normalized profit margin declined to 0.7% from 4.9% in the year-earlier period.

Total revenue grew 23.0% on an annual basis to 55.1 million rupees from 44.8 million rupees, and total operating expenses grew 33.8% from the prior-year period to 54.0 million rupees from 40.3 million rupees.

Reported net income decreased 64.5% year over year to 1.1 million rupees, or 28 paise per share, from 3.0 million rupees, or 80 paise per share.

As of Aug. 22, US$1 was equivalent to 60.49 Indian rupees.