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Sinnar Bidi Udyog swings to profit in fiscal Q1

Sinnar Bidi Udyog Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 63 Indian paise per share, compared with a loss of 9.38 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 62,500 rupees, compared with a loss of 1.9 million rupees in the year-earlier period.

The normalized profit margin increased to 0.4% from negative 9.5% in the year-earlier period.

Total revenue fell 10.2% year over year to 17.7 million rupees from 19.7 million rupees, and total operating expenses declined 16.2% on an annual basis to 16.0 million rupees from 19.1 million rupees.

Reported net income came to 100,000 rupees, or 1 rupee per share, compared to a loss of 2.4 million rupees, or a loss of 12.00 rupees per share, in the prior-year period.

As of Aug. 22, US$1 was equivalent to 60.49 Indian rupees.