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Alps Industries fiscal Q1 loss widens 35.0% YOY

Alps Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 233.5 million rupees, compared with a loss of 172.9 million 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 declined to negative 15.6% from negative 9.2% in the year-earlier period.

Total revenue fell 19.8% on an annual basis to 1.50 billion rupees from 1.87 billion rupees, and total operating expenses declined 16.9% year over year to 1.58 billion rupees from 1.91 billion rupees.

Reported net income came to a loss of 373.6 million rupees, compared with a loss of 276.7 million rupees in the year-earlier period.

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