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Renaissance Jewellery swings to profit in fiscal Q1

Renaissance Jewellery Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.37 Indian rupees per share, compared with a loss of 4 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 26.0 million rupees, compared with a loss of 820,630 rupees in the year-earlier period.

The normalized profit margin increased to 1.2% from negative 0.0% in the year-earlier period.

Total revenue increased 11.0% on an annual basis to 2.22 billion rupees from 2.00 billion rupees, and total operating expenses grew 16.7% from the prior-year period to 2.17 billion rupees from 1.86 billion rupees.

Reported net income totaled 23.8 million rupees, or 1.25 rupees per share, compared to a loss of 2.9 million rupees, or a loss of 15 paise per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to 61.24 Indian rupees.