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Swadeshi Industrial Works swings to profit in fiscal Q3

Swadeshi Industrial Works PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 21.50 Sri Lankan rupees per share, compared with a loss of 30.03 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 2.8 million rupees, compared with a loss of 3.9 million rupees in the prior-year period.

The normalized profit margin increased to 0.6% from negative 0.7% in the year-earlier period.

Total revenue fell 20.1% on an annual basis to 477.8 million rupees from 597.9 million rupees, and total operating expenses decreased 22.2% from the prior-year period to 461.0 million rupees from 592.5 million rupees.

Reported net income totaled 4.5 million rupees, or 34.40 rupees per share, compared to a loss of 6.3 million rupees, or a loss of 48.05 rupees per share, in the year-earlier period.

As of Feb. 15, US$1 was equivalent to 144.09 Sri Lankan rupees.