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Norben Tea & Exports fiscal Q2 profit falls YOY

Norben Tea & Exports Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 14 Indian paise per share, a decrease of 20.7% from 18 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 1.7 million rupees, a decrease of 20.3% from 2.1 million rupees in the prior-year period.

The normalized profit margin dropped to 13.7% from 40.4% in the year-earlier period.

Total revenue climbed year over year to 12.4 million rupees from 5.3 million rupees, and total operating expenses grew on an annual basis to 10.6 million rupees from 3.3 million rupees.

Reported net income declined 20.3% year over year to 2.7 million rupees, or 23 paise per share, from 3.4 million rupees, or 29 paise per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.