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Prima Industries swings to profit in fiscal Q2

Prima Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 5.8 million rupees, compared with a loss of 626,880 rupees in the prior-year period.

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

The normalized profit margin rose to 9.8% from negative 1.6% in the year-earlier period.

Total revenue grew 47.4% year over year to 59.2 million rupees from 40.1 million rupees, and total operating expenses climbed 21.5% year over year to 49.9 million rupees from 41.1 million rupees.

Reported net income came to 9.3 million rupees, or 86 paise per share, compared to a loss of 1.0 million rupees in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 61.37 Indian rupees.