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Norben Tea & Exports swings to profit in fiscal Q3

Norben Tea & Exports Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 9 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 1.0 million rupees, compared with a loss of 1.1 million rupees in the prior-year period.

The normalized profit margin climbed to 7.8% from negative 8.7% in the year-earlier period.

Total revenue rose 7.7% on an annual basis to 13.3 million rupees from 12.3 million rupees, and total operating expenses declined from the prior-year period to 12.6 million rupees from 13.2 million rupees.

Reported net income totaled 1.7 million rupees, or 14 paise per share, compared to a loss of 1.7 million rupees, or a loss of 15 paise per share, in the year-earlier period.

As of Feb. 11, US$1 was equivalent to 68.37 Indian rupees.