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Blue Diamonds Jewellery Worldwide swings to loss in fiscal Q2

Blue Diamonds Jewellery Worldwide PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 10.6 million rupees, compared with income of 659,380 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 fell to negative 71.3% from 3.5% in the year-earlier period.

Total revenue decreased 22.0% on an annual basis to 14.8 million rupees from 19.0 million rupees, and total operating expenses grew 62.7% year over year to 33.0 million rupees from 20.3 million rupees.

Reported net income totaled a loss of 16.9 million rupees, or a loss of 7 cents per share, compared to income of 1.1 million rupees, or 0 cents per share, in the year-earlier period.

As of Nov. 17, US$1 was equivalent to 131 Sri Lankan rupees.