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Filatex India swings to profit in fiscal Q1

Filatex India Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 79 Indian paise per share, compared with a loss of 4.46 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 25.5 million rupees, compared with a loss of 106.9 million rupees in the year-earlier period.

The normalized profit margin rose to 0.6% from negative 2.9% in the year-earlier period.

Total revenue rose 16.6% year over year to 4.36 billion rupees from 3.74 billion rupees, and total operating expenses rose 13.7% from the prior-year period to 4.20 billion rupees from 3.70 billion rupees.

Reported net income came to 27.4 million rupees, or 85 paise per share, compared to a loss of 106.0 million rupees, or a loss of 4.42 rupees per share, in the prior-year period.

As of Aug. 4, US$1 was equivalent to 61.01 Indian rupees.