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Shah Foods swings to profit in fiscal Q2

Shah Foods Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 45 Indian paise per share, compared with a loss of 1.49 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 269,380 rupees, compared with a loss of 889,380 rupees in the prior-year period.

The normalized profit margin was 2.2%.

Total revenue climbed on an annual basis to 12.5 million rupees from 226,000 rupees, and total operating expenses rose from the prior-year period to 12.2 million rupees from 1.7 million rupees.

Reported net income totaled 331,000 rupees, or 55 paise per share, compared to a loss of 1.4 million rupees, or a loss of 2.38 rupees per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 65.41 Indian rupees.