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Suryalakshmi Cotton Mills swings to profit in fiscal Q3

Suryalakshmi Cotton Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 2.59 Indian rupees per share, compared with a loss of 44 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 43.2 million rupees, compared with a loss of 6.4 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.4% from negative 0.4% in the year-earlier period.

Total revenue increased 16.7% on an annual basis to 1.77 billion rupees from 1.51 billion rupees, and total operating expenses increased 12.9% year over year to 1.62 billion rupees from 1.43 billion rupees.

Reported net income increased from the prior-year period to 49.1 million rupees, or 2.95 rupees per share, from 15.9 million rupees, or 1.09 rupees per share.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.