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Hipolin swings to loss in fiscal Q1

Hipolin Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 386,250 rupees, compared with income of 128,130 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.6% from 0.2% in the year-earlier period.

Total revenue fell 9.3% year over year to 68.7 million rupees from 75.8 million rupees, and total operating expenses decreased 6.8% year over year to 70.9 million rupees from 76.1 million rupees.

Reported net income totaled a loss of 618,000 rupees, compared with income of 205,000 rupees, or 7 paise per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to 61.34 Indian rupees.