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Atlas Jewellery India fiscal Q2 profit falls YOY

Atlas Jewellery India Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 2 Indian paise per share, a decline of 96.3% from 52 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 2.0 million rupees, a decline of 96.2% from 52.5 million rupees in the prior-year period.

The normalized profit margin rose to 4.2% from 3.1% in the year-earlier period.

Total revenue declined 97.2% on an annual basis to 47.7 million rupees from 1.69 billion rupees, and total operating expenses declined 94.7% from the prior-year period to 85.5 million rupees from 1.60 billion rupees.

Reported net income declined 96.4% from the prior-year period to 2.1 million rupees, or 2 paise per share, from 58.0 million rupees, or 58 paise per share.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.