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Delta Corp. swings to loss in fiscal Q1

Delta Corp. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 41 Indian paise per share, compared with 55 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 93.9 million rupees, compared with income of 123.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 16.9% from 4.8% in the year-earlier period.

Total revenue fell 78.5% on an annual basis to 557.1 million rupees from 2.59 billion rupees, and total operating expenses fell 67.8% year over year to 612.7 million rupees from 1.91 billion rupees.

Reported net income totaled a loss of 195.7 million rupees, or a loss of 86 paise per share, compared to income of 110.7 million rupees, or 49 paise per share, in the prior-year period.

As of July 29, US$1 was equivalent to 60.26 Indian rupees.