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Tyroon Tea swings to profit in fiscal Q1

Tyroon Tea Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 31 Indian paise per share, compared with a loss of 43 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 1.0 million rupees, compared with a loss of 1.5 million rupees in the year-earlier period.

The normalized profit margin increased to 10.7% from negative 6.2% in the year-earlier period.

Total revenue declined 59.1% year over year to 9.6 million rupees from 23.6 million rupees, and total operating expenses declined 56.6% from the prior-year period to 11.4 million rupees from 26.2 million rupees.

Reported net income totaled 1.6 million rupees, or 49 paise per share, compared to a loss of 2.4 million rupees, or a loss of 69 paise per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.