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J. L. Morison (India) swings to profit in fiscal Q3

J. L. Morison (India) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 10.39 Indian rupees per share, compared with a loss of 5.63 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.2 million rupees, compared with a loss of 7.7 million rupees in the prior-year period.

The normalized profit margin rose to 5.5% from negative 3.4% in the year-earlier period.

Total revenue rose 13.7% on an annual basis to 258.4 million rupees from 227.2 million rupees, and total operating expenses climbed year over year to 245.8 million rupees from 239.9 million rupees.

Reported net income totaled 20.0 million rupees, or 14.63 rupees per share, compared to a loss of 11.9 million rupees, or a loss of 8.72 rupees per share, in the year-earlier period.

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