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Eastern Silk Industries fiscal Q2 loss narrows YOY

Eastern Silk Industries Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 23 Indian paise per share, compared with a loss of 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 18.3 million rupees, compared with a loss of 112.0 million rupees in the prior-year period.

The normalized profit margin climbed to negative 14.1% from negative 58.1% in the year-earlier period.

Total revenue declined 32.4% year over year to 130.4 million rupees from 192.8 million rupees, and total operating expenses fell 39.9% from the prior-year period to 160.2 million rupees from 266.6 million rupees.

Reported net income totaled a loss of 29.3 million rupees, or a loss of 37 paise per share, compared to a loss of 179.5 million rupees, or a loss of 2.27 rupees per share, in the prior-year period.

As of Nov. 18, US$1 was equivalent to 61.75 Indian rupees.