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Sinnar Bidi Udyog swings to loss in fiscal Q1

Sinnar Bidi Udyog Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 3.41 Indian rupees per share, compared with 63 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 a loss of 625,000 rupees, compared with income of 62,500 rupees in the year-earlier period.

The normalized profit margin fell to negative 3.6% from 0.4% in the year-earlier period.

Total revenue declined year over year to 17.5 million rupees from 17.7 million rupees, and total operating expenses grew from the prior-year period to 16.5 million rupees from 16.0 million rupees.

Reported net income totaled a loss of 1.1 million rupees, or a loss of 6.00 rupees per share, compared to income of 100,000 rupees, or 1 rupee per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.