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SBEC Sugar fiscal Q1 loss widens YOY

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SBEC Sugar fiscal Q1 loss widens YOY

SBEC Sugar Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 1.05 Indian rupees per share, compared with a loss of 31 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 50.2 million rupees, compared with a loss of 14.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 4.7% from negative 1.1% in the year-earlier period.

Total revenue declined 24.6% year over year to 1.06 billion rupees from 1.41 billion rupees, and total operating expenses decreased 19.2% year over year to 1.14 billion rupees from 1.41 billion rupees.

Reported net income came to a loss of 80.5 million rupees, or a loss of 1.69 rupees per share, compared to a loss of 22.4 million rupees, or a loss of 47 paise per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.