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Aarvee Denims & Exports swings to loss in fiscal Q1

Aarvee Denims and Exports Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 42 Indian paise per share, compared with 1.42 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 9.9 million rupees, compared with income of 33.2 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.6% from 2.0% in the year-earlier period.

Total revenue climbed 6.0% year over year to 1.74 billion rupees from 1.64 billion rupees, and total operating expenses grew 11.9% from the prior-year period to 1.68 billion rupees from 1.50 billion rupees.

Reported net income totaled a loss of 16.2 million rupees, or a loss of 69 paise per share, compared to income of 37.0 million rupees, or 1.58 rupees per share, in the year-earlier period.

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