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Sky Industries fiscal Q1 profit falls YOY

Sky Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 72 Indian paise per share, a decline of 7.1% from 77 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.9 million rupees, a decrease of 5.7% from 3.1 million rupees in the year-earlier period.

The normalized profit margin increased to 1.9% from 1.7% in the year-earlier period.

Total revenue decreased 18.3% on an annual basis to 151.1 million rupees from 185.0 million rupees, and total operating expenses decreased 18.8% on an annual basis to 141.9 million rupees from 174.8 million rupees.

Reported net income came to a loss of 1.9 million rupees, or a loss of 47 paise per share, compared to income of 9.4 million rupees, or 2.36 rupees per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 60.82 Indian rupees.