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LN Industries India fiscal Q2 loss widens 32.5% YOY

LN Industries India Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 6 Indian paise per share, compared with a loss of 4 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.2 million rupees, compared with a loss of 4.7 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 182.5% from negative 31.8% in the year-earlier period.

Total revenue declined 76.9% on an annual basis to 3.4 million rupees from 14.8 million rupees, and total operating expenses declined 49.4% on an annual basis to 8.8 million rupees from 17.4 million rupees.

Reported net income totaled a loss of 10.3 million rupees, or a loss of 10 paise per share, compared to a loss of 7.5 million rupees, or a loss of 7 paise per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.