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GTN Industries swings to profit in fiscal Q1

GTN Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 5 Indian paise per share, compared with a loss of 83 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 750,000 rupees, compared with a loss of 13.0 million rupees in the year-earlier period.

The normalized profit margin climbed to 0.1% from negative 1.2% in the year-earlier period.

Total revenue decreased 39.3% on an annual basis to 676.5 million rupees from 1.11 billion rupees, and total operating expenses decreased 41.1% year over year to 633.8 million rupees from 1.08 billion rupees.

Reported net income totaled a loss of 8.4 million rupees, or a loss of 53 paise per share, compared to a loss of 20.8 million rupees, or a loss of 1.32 rupees per share, in the prior-year period.

As of Aug. 5, US$1 was equivalent to 63.80 Indian rupees.