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Addi Industries swings to profit in fiscal Q1

Addi Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 8 Indian paise per share, compared with a loss of 10 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 878,130 rupees, compared with a loss of 1.1 million rupees in the year-earlier period.

Reported net income totaled 1.1 million rupees, or 10 paise per share, compared to a loss of 1.6 million rupees, or a loss of 14 paise per share, in the prior-year period.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.