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M M Rubber swings to profit in fiscal Q1

M M Rubber Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 544,380 rupees, compared with a loss of 1.2 million 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 increased to 1.3% from negative 2.8% in the year-earlier period.

Total revenue rose 5.1% year over year to 43.0 million rupees from 40.9 million rupees, and total operating expenses came to 41.3 million rupees, compared with 41.5 million rupees in the prior-year period.

Reported net income totaled 871,000 rupees, compared with a loss of 1.9 million rupees in the prior-year period.

As of July 24, US$1 was equivalent to 60.11 Indian rupees.