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Olympia Industries swings to profit in fiscal Q2

Olympia Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 3.44 Indian rupees per share, compared with a loss of 3 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 10.4 million rupees, compared with a loss of 130,000 rupees in the year-earlier period.

The normalized profit margin rose to 4.6% from negative 20.3% in the year-earlier period.

Total revenue increased on an annual basis to 224.0 million rupees from 639,000 rupees, and total operating expenses increased from the prior-year period to 207.1 million rupees from 1.4 million rupees.

Reported net income totaled 16.6 million rupees, or 5.50 rupees per share, compared to a loss of 208,000 rupees, or a loss of 4 paise per share, in the prior-year period.

As of Nov. 18, US$1 was equivalent to 61.75 Indian rupees.