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Thangamayil Jewellery swings to profit in fiscal Q3

Thangamayil Jewellery Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 1.38 Indian rupees per share, compared with a loss of 1.48 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.9 million rupees, compared with a loss of 20.3 million rupees in the prior-year period.

The normalized profit margin rose to 0.6% from negative 0.5% in the year-earlier period.

Total revenue decreased 11.2% year over year to 3.36 billion rupees from 3.78 billion rupees, and total operating expenses decreased 12.6% from the prior-year period to 3.27 billion rupees from 3.75 billion rupees.

Reported net income came to 21.0 million rupees, or 1.53 rupees per share, compared to a loss of 21.7 million rupees, or a loss of 1.58 rupees per share, in the prior-year period.

As of Jan. 25, US$1 was equivalent to 67.76 Indian rupees.