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Filatex Fashions swings to profit in fiscal Q3

Filatex Fashions Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 26 Indian paise per share, compared with a loss of 13 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 3.1 million rupees, compared with a loss of 1.5 million rupees in the year-earlier period.

The normalized profit margin rose to 4.7% from negative 3.1% in the year-earlier period.

Total revenue increased 38.9% year over year to 66.2 million rupees from 47.6 million rupees, and total operating expenses increased 24.8% on an annual basis to 60.6 million rupees from 48.5 million rupees.

Reported net income totaled 5.0 million rupees, or 42 paise per share, compared to a loss of 2.3 million rupees, or a loss of 20 paise per share, in the prior-year period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.