Swarnsarita Gems Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 28 Indian paise per share, a decrease of 5.3% from 29 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 5.7 million rupees, a decrease of 5.8% from 6.1 million rupees in the year-earlier period.
The normalized profit margin dropped to 1.0% from 1.4% in the year-earlier period.
Total revenue rose 38.7% on an annual basis to 589.6 million rupees from 424.9 million rupees, and total operating expenses rose 37.5% year over year to 568.9 million rupees from 413.7 million rupees.
Reported net income decreased 6.5% from the prior-year period to 6.4 million rupees, or 31 paise per share, from 6.9 million rupees, or 33 paise per share.
As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.
