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Ugar Sugar Works swings to profit in fiscal Q2

The Ugar Sugar Works Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 1.66 Indian rupees per share, compared with a loss of 65 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 187.1 million rupees, compared with a loss of 73.3 million rupees in the year-earlier period.

The normalized profit margin climbed to 20.1% from negative 5.5% in the year-earlier period.

Total revenue declined 30.2% on an annual basis to 930.5 million rupees from 1.33 billion rupees, and total operating expenses fell 62.2% from the prior-year period to 536.3 million rupees from 1.42 billion rupees.

Reported net income totaled 298.1 million rupees, or 2.65 rupees per share, compared to a loss of 107.3 million rupees, or a loss of 95 paise per share, in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.