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Spectrum Foods swings to profit in fiscal Q1

Spectrum Foods Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 11 Indian paise per share, compared with a loss of 17 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 256,880 rupees, compared with a loss of 384,380 rupees in the prior-year period.

The normalized profit margin rose to 6.1% from negative 10.9% in the year-earlier period.

Total revenue grew 20.0% on an annual basis to 4.2 million rupees from 3.5 million rupees, and total operating expenses fell from the prior-year period to 3.7 million rupees from 3.8 million rupees.

Reported net income came to 411,000 rupees, or 17 paise per share, compared to a loss of 615,000 rupees, or a loss of 27 paise per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.