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Pasupati Spinning & Weaving swings to profit in fiscal Q1

Pasupati Spinning & Weaving Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 51 Indian paise per share, compared with a loss of 86 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 4.8 million rupees, compared with a loss of 8.0 million rupees in the prior-year period.

The normalized profit margin increased to 1.0% from negative 1.8% in the year-earlier period.

Total revenue grew 13.2% on an annual basis to 498.6 million rupees from 440.4 million rupees, and total operating expenses grew 10.2% year over year to 472.9 million rupees from 429.2 million rupees.

Reported net income totaled 4.8 million rupees, or 51 paise per share, compared to a loss of 12.8 million rupees, or a loss of 1.38 rupees per share, in the year-earlier period.

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