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Sharp India swings to loss in fiscal Q1

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Sharp India swings to loss in fiscal Q1

Sharp India Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 68 Indian paise per share, compared with 81 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 17.7 million rupees, compared with income of 21.1 million rupees in the prior-year period.

The normalized profit margin fell to negative 10.0% from 2.7% in the year-earlier period.

Total revenue decreased 77.8% on an annual basis to 176.7 million rupees from 796.3 million rupees, and total operating expenses declined 73.4% from the prior-year period to 201.4 million rupees from 758.5 million rupees.

Reported net income totaled a loss of 28.4 million rupees, or a loss of 1.09 rupees per share, compared to income of 33.8 million rupees, or 1.30 rupees per share, in the year-earlier period.

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