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Gem Spinners India fiscal Q1 loss widens 34.0% YOY

Gem Spinners India Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 4 Indian paise per share, compared with a loss of 3 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 2.2 million rupees, compared with a loss of 1.6 million rupees in the prior-year period.

The normalized profit margin increased to negative 4.5% from negative 12.9% in the year-earlier period.

Total revenue rose year over year to 49.0 million rupees from 12.8 million rupees, and total operating expenses grew from the prior-year period to 52.6 million rupees from 16.3 million rupees.

Reported net income totaled a loss of 3.5 million rupees, or a loss of 6 paise per share, compared to a loss of 2.6 million rupees, or a loss of 4 paise per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.