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Olympic Oil Industries fiscal Q2 profit climbs YOY

Olympic Oil Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 6.91 Indian rupees per share, a gain from 6.64 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.7 million rupees, a gain from 18.9 million rupees in the prior-year period.

The normalized profit margin increased to 0.6% from 0.2% in the year-earlier period.

Total revenue decreased 72.8% on an annual basis to 3.35 billion rupees from 12.30 billion rupees, and total operating expenses fell 73.0% on an annual basis to 3.31 billion rupees from 12.26 billion rupees.

Reported net income grew year over year to 21.1 million rupees, or 7.38 rupees per share, from 20.2 million rupees, or 7.08 rupees per share.

As of Oct. 15, US$1 was equivalent to 61.40 Indian rupees.