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Remsons Industries swings to loss in fiscal Q1

Remsons Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 87 Indian paise per share, compared with 16 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 5.0 million rupees, compared with income of 900,630 rupees in the prior-year period.

The normalized profit margin declined to negative 2.0% from 0.4% in the year-earlier period.

Total revenue rose 8.0% on an annual basis to 254.5 million rupees from 235.6 million rupees, and total operating expenses increased 11.9% on an annual basis to 257.9 million rupees from 230.6 million rupees.

Reported net income totaled a loss of 5.4 million rupees, or a loss of 95 paise per share, compared to income of 2.1 million rupees, or 36 paise per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.