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Soma Textiles & Industries fiscal Q1 loss widens YOY

Soma Textiles & Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 2.96 Indian rupees per share, compared with a loss of 1.16 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 97.7 million rupees, compared with a loss of 38.4 million rupees in the prior-year period.

The normalized profit margin declined to negative 13.7% from negative 5.3% in the year-earlier period.

Total revenue decreased on an annual basis to 712.4 million rupees from 727.2 million rupees, and total operating expenses grew 10.3% from the prior-year period to 818.6 million rupees from 741.9 million rupees.

Reported net income came to a loss of 152.1 million rupees, or a loss of 4.61 rupees per share, compared to income of 17.3 million rupees, or 52 paise per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.