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JBF Industries swings to profit in fiscal Q1

JBF Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 4.53 Indian rupees per share, compared with a loss of 4.38 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 306.0 million rupees, compared with a loss of 312.0 million rupees in the year-earlier period.

The normalized profit margin rose to 1.5% from negative 1.5% in the year-earlier period.

Total revenue totaled 20.86 billion rupees, compared with 20.93 billion rupees in the prior-year period, and total operating expenses decreased from the prior-year period to 19.43 billion rupees from 19.88 billion rupees.

Reported net income totaled 278.9 million rupees, or 4.13 rupees per share, compared to a loss of 410.6 million rupees, or a loss of 5.76 rupees per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.