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Tricom Fruit Products fiscal Q1 loss narrows YOY

Tricom Fruit Products Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 86 Indian paise per share, compared with a loss of 1.71 rupees 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 13.8 million rupees, compared with a loss of 27.2 million rupees in the prior-year period.

Total revenue decreased 89.4% on an annual basis to 805,000 rupees from 7.6 million rupees, and total operating expenses fell 63.0% from the prior-year period to 9.1 million rupees from 24.5 million rupees.

Reported net income came to a loss of 27.7 million rupees, or a loss of 1.74 rupees per share, compared to a loss of 43.5 million rupees, or a loss of 2.73 rupees per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.