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Nagreeka Exports fiscal Q1 profit falls YOY

Nagreeka Exports Ltd said its normalized net income for the fiscal first quarter ended June 30 was 73 Indian paise per share, a decline of 54.5% from 1.59 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.1 million rupees, a decline of 54.5% from 20.0 million rupees in the prior-year period.

The normalized profit margin dropped to 0.7% from 1.3% in the year-earlier period.

Total revenue fell 17.5% on an annual basis to 1.24 billion rupees from 1.50 billion rupees, and total operating expenses decreased 17.8% year over year to 1.16 billion rupees from 1.41 billion rupees.

Reported net income fell 54.5% on an annual basis to 14.5 million rupees, or 1.16 rupees per share, from 31.9 million rupees, or 2.55 rupees per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.