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Thangamayil Jewellery swings to profit in fiscal Q1

Thangamayil Jewellery Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 2.40 Indian rupees per share, compared with a loss of 2.80 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 32.9 million rupees, compared with a loss of 38.5 million rupees in the prior-year period.

The normalized profit margin climbed to 1.1% from negative 1.0% in the year-earlier period.

Total revenue fell 19.1% year over year to 3.00 billion rupees from 3.71 billion rupees, and total operating expenses decreased 22.1% year over year to 2.89 billion rupees from 3.71 billion rupees.

Reported net income came to 36.3 million rupees, or 2.65 rupees per share, compared to a loss of 39.8 million rupees, or a loss of 2.90 rupees per share, in the year-earlier period.

As of July 9, US$1 was equivalent to 63.31 Indian rupees.