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Dharani Finance swings to profit in fiscal Q3

Dharani Finance Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 2.0 million rupees, compared with a loss of 337,500 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 rose to 32.1% from negative 5.7% in the year-earlier period.

Total revenue climbed on an annual basis to 6.2 million rupees from 6.0 million rupees, and total operating expenses declined 52.9% from the prior-year period to 3.7 million rupees from 7.8 million rupees.

Reported net income came to 3.2 million rupees, compared with a loss of 540,000 rupees, or a loss of 11 paise per share, in the prior-year period.

As of Feb. 11, US$1 was equivalent to 68.37 Indian rupees.