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Bhandari Hosiery Exports swings to profit in fiscal Q2

Bhandari Hosiery Exports Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 3 Indian paise per share, compared with a loss of 6 paise per share in the prior-year 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 8.4 million rupees in the prior-year period.

The normalized profit margin rose to 1.5% from negative 8.4% in the year-earlier period.

Total revenue increased year over year to 246.8 million rupees from 99.3 million rupees, and total operating expenses grew on an annual basis to 228.8 million rupees from 101.9 million rupees.

Reported net income totaled 6.0 million rupees, or 4 paise per share, compared to a loss of 9.0 million rupees, or a loss of 6 paise per share, in the year-earlier period.

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