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Diamond Estates Wines & Spirits swings to profit in fiscal Q1

Diamond Estates Wines & Spirits Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to C$19,800, compared with a loss of C$119,200 in the prior-year period.

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

The normalized profit margin rose to 0.1% from negative 2.3% in the year-earlier period.

Total revenue rose 46.3% year over year to C$7.6 million from C$5.2 million, and total operating expenses increased 42.2% year over year to C$7.1 million from C$5.0 million.

Reported net income totaled C$30,350, or 0 cents per share, compared to a loss of C$197,680, or a loss of 0 cents per share, in the year-earlier period.