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United Nilgiri Tea Estates fiscal Q1 profit climbs 5.8% YOY

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United Nilgiri Tea Estates fiscal Q1 profit climbs 5.8% YOY

United Nilgiri Tea Estates Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 3.21 Indian rupees per share, a gain of 5.7% from 3.04 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 16.1 million rupees, an increase of 5.8% from 15.2 million rupees in the year-earlier period.

The normalized profit margin climbed to 15.2% from 13.7% in the year-earlier period.

Total revenue declined year over year to 105.9 million rupees from 110.6 million rupees, and total operating expenses fell 7.6% from the prior-year period to 82.5 million rupees from 89.3 million rupees.

Reported net income increased 7.9% from the prior-year period to 20.1 million rupees, or 4.02 rupees per share, from 18.6 million rupees, or 3.73 rupees per share.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.