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Tarai Foods swings to profit in fiscal Q2

Tarai Foods Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 3 Indian paise per share, compared with a loss of 14 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 418,750 rupees, compared with a loss of 2.0 million rupees in the prior-year period.

The normalized profit margin rose to 7.6% from negative 33.2% in the year-earlier period.

Total revenue declined 8.3% year over year to 5.5 million rupees from 6.0 million rupees, and total operating expenses fell 47.4% from the prior-year period to 4.9 million rupees from 9.3 million rupees.

Reported net income came to 670,000 rupees, or 5 paise per share, compared to a loss of 3.2 million rupees, or a loss of 22 paise per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.