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Diamond Estates Wines & Spirits swings to profit in fiscal Q2

Diamond Estates Wines & Spirits Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to C$72,700, compared with a loss of C$1.2 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.2% from negative 22.9% in the year-earlier period.

Total revenue rose 11.6% on an annual basis to C$5.9 million from C$5.3 million, and total operating expenses declined 12.8% on an annual basis to C$5.4 million from C$6.2 million.

Reported net income came to C$116,320, or 0 cents per share, compared to a loss of C$2.4 million, or a loss of 13 cents per share, in the prior-year period.