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Freshtrop Fruits swings to loss in fiscal Q2

Freshtrop Fruits Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 41 Indian paise per share, compared with 36 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 5.1 million rupees, compared with income of 4.5 million rupees in the year-earlier period.

The normalized profit margin fell to negative 6.2% from 5.3% in the year-earlier period.

Total revenue fell on an annual basis to 82.0 million rupees from 84.3 million rupees, and total operating expenses increased 18.0% on an annual basis to 89.1 million rupees from 75.5 million rupees.

Reported net income came to a loss of 5.4 million rupees, or a loss of 44 paise per share, compared to income of 3.0 million rupees, or 24 paise per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 66.41 Indian rupees.