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Asahi India Glass swings to profit in fiscal Q3

Asahi India Glass Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 32 Indian paise per share, compared with a loss of 6 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 76.7 million rupees, compared with a loss of 10.0 million rupees in the prior-year period.

The normalized profit margin increased to 1.5% from negative 0.2% in the year-earlier period.

Total revenue decreased 8.3% year over year to 4.95 billion rupees from 5.40 billion rupees, and total operating expenses fell 12.8% on an annual basis to 4.42 billion rupees from 5.07 billion rupees.

Reported net income came to 93.8 million rupees, or 39 paise per share, compared to a loss of 14.7 million rupees, or a loss of 9 paise per share, in the year-earlier period.

As of Feb. 19, US$1 was equivalent to 62.12 Indian rupees.