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Jindal Cotex fiscal Q1 loss widens 43.7% YOY

Jindal Cotex Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 2.02 Indian rupees per share, compared with a loss of 1.66 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 91.0 million rupees, compared with a loss of 63.3 million rupees in the prior-year period.

The normalized profit margin fell to negative 34.2% from negative 9.7% in the year-earlier period.

Total revenue fell 59.1% year over year to 266.5 million rupees from 651.9 million rupees, and total operating expenses decreased 55.7% on an annual basis to 298.9 million rupees from 674.3 million rupees.

Reported net income came to a loss of 161.7 million rupees, or a loss of 3.59 rupees per share, compared to a loss of 113.6 million rupees, or a loss of 2.98 rupees per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.