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Uday Jewellery swings to profit in fiscal Q1

Uday Jewellery Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 20 Indian paise per share, compared with a loss of 9 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 1.9 million rupees, compared with a loss of 883,750 rupees in the year-earlier period.

The normalized profit margin rose to 6.4% from negative 2.4% in the year-earlier period.

Total revenue declined 20.3% on an annual basis to 29.0 million rupees from 36.4 million rupees, and total operating expenses decreased 31.2% on an annual basis to 26.0 million rupees from 37.8 million rupees.

Reported net income came to 2.4 million rupees, or 26 paise per share, compared to a loss of 1.4 million rupees, or a loss of 15 paise per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.