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Olympia Industries swings to profit in fiscal Q3

Olympia Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 6.49 Indian rupees per share, compared with a loss of 27 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 19.6 million rupees, compared with a loss of 495,630 rupees in the prior-year period.

The normalized profit margin increased to 3.9% from negative 2.8% in the year-earlier period.

Total revenue grew on an annual basis to 499.6 million rupees from 17.8 million rupees, and total operating expenses grew year over year to 467.5 million rupees from 19.1 million rupees.

Reported net income totaled 31.4 million rupees, or 10.38 rupees per share, compared to a loss of 793,000 rupees, or a loss of 43 paise per share, in the prior-year period.

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