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Gorani Industries swings to loss in fiscal Q2

Gorani Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 21,880 rupees, compared with income of 631,250 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.2% from 3.7% in the year-earlier period.

Total revenue fell 31.3% on an annual basis to 11.8 million rupees from 17.1 million rupees, and total operating expenses decreased 26.9% on an annual basis to 11.8 million rupees from 16.1 million rupees.

Reported net income totaled a loss of 35,000 rupees, or a loss of 1 paise per share, compared to income of 1.0 million rupees, or 19 paise per share, in the prior-year period.

As of Nov. 2, US$1 was equivalent to 65.58 Indian rupees.