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Norben Tea & Exports fiscal Q1 profit climbs 18.7% YOY

Norben Tea & Exports Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 31 Indian paise per share, an increase of 19.0% from 26 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 3.7 million rupees, an increase of 18.7% from 3.1 million rupees in the prior-year period.

The normalized profit margin fell to 38.9% from 43.5% in the year-earlier period.

Total revenue increased 32.9% year over year to 9.4 million rupees from 7.1 million rupees, and total operating expenses increased 85.8% on an annual basis to 4.6 million rupees from 2.5 million rupees.

Reported net income rose 18.7% year over year to 5.9 million rupees, or 50 paise per share, from 4.9 million rupees, or 42 paise per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.