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Safari Industries swings to profit in fiscal Q3

Safari Industries (India) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 11 Indian paise per share, compared with a loss of 14 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 2.1 million rupees, compared with a loss of 2.1 million rupees in the year-earlier period.

The normalized profit margin increased to 0.4% from negative 0.5% in the year-earlier period.

Total revenue increased 26.0% year over year to 490.2 million rupees from 389.1 million rupees, and total operating expenses grew 23.9% on an annual basis to 479.6 million rupees from 386.9 million rupees.

Reported net income came to a loss of 2.5 million rupees, or a loss of 13 paise per share, compared to a loss of 3.3 million rupees, or a loss of 22 paise per share, in the prior-year period.

As of Jan. 30, US$1 was equivalent to 62.01 Indian rupees.