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RCL Retail swings to loss in fiscal H1

RCL Retail Ltd. said its normalized net income for the fiscal first half ended Sept. 30 was 2.2 million rupees, compared with income of 3.3 million rupees in the prior-year period.

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

Total revenue fell 97.5% on an annual basis to 3.6 million rupees from 143.7 million rupees, and total operating expenses declined 96.7% from the prior-year period to 4.7 million rupees from 142.1 million rupees.

Reported net income came to a loss of 3.5 million rupees, compared with income of 4.3 million rupees, or 35 paise per share, in the prior-year period.

As of Dec. 2, US$1 was equivalent to 61.84 Indian rupees.