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Mahalaxmi Rubtech fiscal Q1 profit falls YOY

Mahalaxmi Rubtech Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 32 Indian paise per share, a decline of 11.3% from 37 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 3.2 million rupees, compared with 3.2 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.1% from 0.9% in the year-earlier period.

Total revenue decreased 23.9% on an annual basis to 276.6 million rupees from 363.7 million rupees, and total operating expenses decreased 23.9% year over year to 267.8 million rupees from 351.9 million rupees.

Reported net income totaled 3.9 million rupees, or 40 paise per share, compared to 3.5 million rupees, or 40 paise per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.