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Sovereign Diamonds fiscal Q1 profit climbs YOY

Sovereign Diamonds Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 56 Indian paise per share, a gain from 6 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 3.2 million rupees, an increase from 361,880 rupees in the prior-year period.

The normalized profit margin climbed to 2.7% from 0.5% in the year-earlier period.

Total revenue increased 77.9% on an annual basis to 118.7 million rupees from 66.7 million rupees, and total operating expenses climbed 75.6% year over year to 108.8 million rupees from 62.0 million rupees.

Reported net income increased on an annual basis to 3.6 million rupees, or 62 paise per share, from 399,000 rupees, or 7 paise per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.