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Zenith Exports swings to profit in fiscal Q2

Zenith Exports Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 1.49 Indian rupees per share, compared with a loss of 5 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 8.1 million rupees, compared with a loss of 250,000 rupees in the year-earlier period.

The normalized profit margin increased to 1.2% from negative 0.0% in the year-earlier period.

Total revenue fell 5.5% on an annual basis to 670.5 million rupees from 709.4 million rupees, and total operating expenses decreased 7.8% year over year to 657.8 million rupees from 713.6 million rupees.

Reported net income totaled 10.4 million rupees, or 1.92 rupees per share, compared to a loss of 700,000 rupees, or a loss of 13 paise per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.