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Indian Extractions swings to profit in fiscal Q1

Indian Extractions Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 3 Indian paise per share, compared with a loss of 26 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 75,000 rupees, compared with a loss of 861,880 rupees in the prior-year period.

Reported net income came to 120,000 rupees, or 4 paise per share, compared to a loss of 1.4 million rupees, or a loss of 41 paise per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.