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Monte Carlo Fashions fiscal Q1 profit falls YOY

Monte Carlo Fashions Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 79 Indian paise per share, a decline of 77.9% from 3.59 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 17.3 million rupees, a decline of 77.8% from 78.1 million rupees in the prior-year period.

The normalized profit margin dropped to 2.5% from 10.5% in the year-earlier period.

Total revenue fell 7.8% on an annual basis to 688.8 million rupees from 746.7 million rupees, and total operating expenses climbed 5.2% year over year to 662.9 million rupees from 630.4 million rupees.

Reported net income declined 82.6% year over year to 14.8 million rupees, or 68 paise per share, from 85.2 million rupees, or 3.92 rupees per share.

As of Aug. 6, US$1 was equivalent to 63.70 Indian rupees.