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Hindoostan Mills swings to loss in fiscal Q1

Hindoostan Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 6.01 Indian rupees per share, compared with 7.21 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 10.0 million rupees, compared with income of 12.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.7% from 3.9% in the year-earlier period.

Total revenue grew 19.5% year over year to 370.2 million rupees from 309.9 million rupees, and total operating expenses climbed 31.5% on an annual basis to 387.2 million rupees from 294.5 million rupees.

Reported net income totaled a loss of 16.0 million rupees, or a loss of 9.61 rupees per share, compared to income of 13.9 million rupees, or 8.35 rupees per share, in the year-earlier period.

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