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Shah Foods swings to profit in fiscal Q1

Shah Foods Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 75 Indian paise per share, compared with a loss of 83 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 446,880 rupees, compared with a loss of 496,880 rupees in the year-earlier period.

The normalized profit margin increased to 47.5% from negative 7.9% in the year-earlier period.

Total revenue declined 85.1% on an annual basis to 941,000 rupees from 6.3 million rupees, and total operating expenses declined 95.4% from the prior-year period to 331,000 rupees from 7.2 million rupees.

Reported net income came to 565,000 rupees, or 95 paise per share, compared to a loss of 795,000 rupees, or a loss of 1.33 rupees per share, in the prior-year period.

As of July 28, US$1 was equivalent to 60.09 Indian rupees.