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Longview Tea fiscal Q1 profit falls YOY

Longview Tea Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 14 Indian paise per share, a decline of 46.3% from 26 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 409,380 rupees, a decrease of 47.3% from 776,250 rupees in the year-earlier period.

Reported net income fell 47.3% on an annual basis to 530,000 rupees, or 18 paise per share, from 1.0 million rupees, or 34 paise per share.

As of Aug. 19, US$1 was equivalent to 60.69 Indian rupees.