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Filatex Fashions swings to profit in fiscal Q1

Filatex Fashions Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 468,750 rupees, compared with a loss of 1.5 million 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 rose to 0.6% from negative 2.7% in the year-earlier period.

Total revenue grew 53.3% on an annual basis to 84.3 million rupees from 55.0 million rupees, and total operating expenses grew 45.0% from the prior-year period to 83.2 million rupees from 57.4 million rupees.

Reported net income totaled 750,000 rupees, compared with a loss of 2.4 million rupees, or a loss of 20 paise per share, in the prior-year period.

As of July 15, US$1 was equivalent to 63.50 Indian rupees.