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Olympic Oil Industries fiscal Q2 profit falls YOY

Olympic Oil Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 6.72 Indian rupees per share, a decline from 6.91 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.2 million rupees, a decline from 19.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.4% from 0.6% in the year-earlier period.

Total revenue climbed 32.4% on an annual basis to 4.44 billion rupees from 3.35 billion rupees, and total operating expenses rose 33.6% year over year to 4.43 billion rupees from 3.31 billion rupees.

Reported net income decreased from the prior-year period to 20.6 million rupees, or 7.21 rupees per share, from 21.1 million rupees, or 7.38 rupees per share.

As of Nov. 9, US$1 was equivalent to 66.41 Indian rupees.