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Reliable Ventures India fiscal Q1 profit falls YOY

Reliable Ventures India Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 19 Indian paise per share, a decrease of 9.9% from 21 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 2.1 million rupees, a decline of 6.9% from 2.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 6.2% from 6.2% in the year-earlier period.

Total revenue declined 6.2% on an annual basis to 34.0 million rupees from 36.2 million rupees, and total operating expenses decreased year over year to 31.3 million rupees from 32.9 million rupees.

Reported net income decreased 9.6% on an annual basis to 2.4 million rupees, or 21 paise per share, from 2.6 million rupees, or 24 paise per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.