Riga Sugar Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 1.24 Indian rupees per share, compared with a loss of 1.86 rupees per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.2 million rupees, compared with a loss of 18.4 million rupees in the year-earlier period.
The normalized profit margin climbed to negative 3.6% from negative 3.7% in the year-earlier period.
Total revenue decreased 26.9% year over year to 363.0 million rupees from 496.4 million rupees, and total operating expenses declined 29.4% on an annual basis to 345.3 million rupees from 489.4 million rupees.
Reported net income totaled a loss of 21.2 million rupees, or a loss of 1.99 rupees per share, compared to a loss of 29.5 million rupees, or a loss of 2.98 rupees per share, in the year-earlier period.
As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.
