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Addi Industries swings to profit in fiscal Q2

Addi Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 5 Indian paise per share, compared with a loss of 7 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 481,250 rupees, compared with a loss of 780,630 rupees in the prior-year period.

The normalized profit margin was 28.3%.

Total revenue increased year over year to 1.7 million rupees from 13,000 rupees, and total operating expenses fell 9.5% from the prior-year period to 4.7 million rupees from 5.2 million rupees.

Reported net income totaled 519,000 rupees, or 5 paise per share, compared to a loss of 972,000 rupees, or a loss of 9 paise per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.