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Swarnsarita Gems fiscal Q1 profit climbs YOY

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Swarnsarita Gems fiscal Q1 profit climbs YOY

Swarnsarita Gems Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 17 Indian paise per share, a gain from 4 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.5 million rupees, an increase from 958,130 rupees in the prior-year period.

The normalized profit margin rose to 0.8% from 0.2% in the year-earlier period.

Total revenue fell 9.6% year over year to 412.4 million rupees from 456.4 million rupees, and total operating expenses declined 12.2% year over year to 399.3 million rupees from 454.8 million rupees.

Reported net income rose on an annual basis to 3.9 million rupees, or 19 paise per share, from 1.1 million rupees, or 5 paise per share.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.