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Filatex India swings to profit in fiscal Q3

Filatex India Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 23 Indian paise per share, compared with a loss of 1.74 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.4 million rupees, compared with a loss of 41.7 million rupees in the prior-year period.

The normalized profit margin climbed to 0.2% from negative 0.9% in the year-earlier period.

Total revenue decreased 18.9% on an annual basis to 3.83 billion rupees from 4.73 billion rupees, and total operating expenses decreased 21.9% on an annual basis to 3.71 billion rupees from 4.75 billion rupees.

Reported net income came to 7.8 million rupees, or 24 paise per share, compared to a loss of 45.1 million rupees, or a loss of 1.88 rupees per share, in the prior-year period.

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