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Spice Islands Apparels swings to profit in fiscal Q2

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Spice Islands Apparels swings to profit in fiscal Q2

Spice Islands Apparels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 87 Indian paise per share, compared with a loss of 10 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 3.8 million rupees, compared with a loss of 411,880 rupees in the prior-year period.

The normalized profit margin rose to 6.7% from negative 1.0% in the year-earlier period.

Total revenue climbed 35.8% on an annual basis to 56.4 million rupees from 41.6 million rupees, and total operating expenses grew 24.1% from the prior-year period to 53.2 million rupees from 42.8 million rupees.

Reported net income totaled 4.2 million rupees, or 98 paise per share, compared to a loss of 552,000 rupees, or a loss of 13 paise per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.