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Sharp India swings to profit in fiscal Q1

Sharp India Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 81 Indian paise per share, compared with a loss of 41 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 21.1 million rupees, compared with a loss of 10.6 million rupees in the prior-year period.

The normalized profit margin climbed to 2.7% from negative 3.6% in the year-earlier period.

Total revenue increased year over year to 796.3 million rupees from 296.7 million rupees, and total operating expenses increased from the prior-year period to 758.5 million rupees from 312.1 million rupees.

Reported net income came to 33.8 million rupees, or 1.30 rupees per share, compared to a loss of 16.9 million rupees, or a loss of 65 paise per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to 61.34 Indian rupees.