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Kinetic Engineering fiscal Q1 loss narrows YOY

Kinetic Engineering Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 3.05 Indian rupees per share, compared with a loss of 3.29 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 38.4 million rupees, compared with a loss of 42.1 million rupees in the prior-year period.

The normalized profit margin dropped to negative 30.9% from negative 30.8% in the year-earlier period.

Total revenue decreased 9.1% year over year to 124.4 million rupees from 136.8 million rupees, and total operating expenses fell 7.4% from the prior-year period to 174.8 million rupees from 188.7 million rupees.

Reported net income totaled a loss of 53.0 million rupees, or a loss of 4.21 rupees per share, compared to a loss of 71.8 million rupees, or a loss of 5.60 rupees per share, in the prior-year period.

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