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Swarnsarita Gems fiscal Q3 profit climbs 14.4% YOY

Swarnsarita Gems Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 24 Indian paise per share, a gain of 12.6% from 21 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 5.1 million rupees, a gain of 14.4% from 4.4 million rupees in the year-earlier period.

The normalized profit margin fell to 0.8% from 1.1% in the year-earlier period.

Total revenue rose 63.7% year over year to 635.1 million rupees from 388.0 million rupees, and total operating expenses increased 63.0% from the prior-year period to 614.8 million rupees from 377.2 million rupees.

Reported net income rose 14.3% from the prior-year period to 5.7 million rupees, or 27 paise per share, from 5.0 million rupees, or 24 paise per share.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.