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APM Industries fiscal Q1 profit falls YOY

APM Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 2.04 Indian rupees per share, a decline from 2.11 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 44.1 million rupees, a decline from 45.8 million rupees in the prior-year period.

The normalized profit margin rose to 6.8% from 5.8% in the year-earlier period.

Total revenue fell 17.0% on an annual basis to 649.4 million rupees from 782.2 million rupees, and total operating expenses decreased 16.1% on an annual basis to 597.5 million rupees from 712.5 million rupees.

Reported net income decreased 11.1% from the prior-year period to 43.3 million rupees, or 2.00 rupees per share, from 48.7 million rupees, or 2.25 rupees per share.

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