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Medine swings to loss in fiscal Q2

Medine Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 67 Mauritian cents per share, compared with 40 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 70.2 million rupees, compared with income of 42.5 million rupees in the prior-year period.

The normalized profit margin declined to negative 15.7% from 7.0% in the year-earlier period.

Total revenue declined 26.2% on an annual basis to 446.1 million rupees from 604.8 million rupees, and total operating expenses increased year over year to 527.1 million rupees from 511.6 million rupees.

Reported net income came to a loss of 108.7 million rupees, or a loss of 1.04 rupees per share, compared to income of 116.0 million rupees, or 1.10 rupees per share, in the prior-year period.

As of Feb. 13, US$1 was equivalent to 33.35 Mauritian rupees.