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Shree Rang Mark Travels swings to profit in fiscal Q1

Shree Rang Mark Travels Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 1 Indian paise per share, compared with a loss of 13 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 67,990 rupees, compared with a loss of 864,890 rupees in the year-earlier period.

The normalized profit margin rose to 6.2% from negative 205.3% in the year-earlier period.

Total revenue rose year over year to 1.1 million rupees from 421,280 rupees, and total operating expenses fell 44.8% from the prior-year period to 996,130 rupees from 1.8 million rupees.

Reported net income totaled 108,790 rupees, or 2 paise per share, compared to a loss of 1.4 million rupees, or a loss of 21 paise per share, in the year-earlier period.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.