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Gem Spinners India swings to loss in fiscal Q2

Gem Spinners India Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 1.3 million rupees, compared with income of 235,000 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 3.1% from 1.0% in the year-earlier period.

Total revenue increased 84.1% year over year to 42.6 million rupees from 23.1 million rupees, and total operating expenses climbed 82.2% year over year to 46.9 million rupees from 25.7 million rupees.

Reported net income totaled a loss of 2.1 million rupees, or a loss of 3 paise per share, compared to income of 376,000 rupees, or 1 paise per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 62.02 Indian rupees.