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Zenith Exports swings to profit in fiscal Q1

Zenith Exports Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.29 Indian rupees per share, compared with a loss of 21 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 7.0 million rupees, compared with a loss of 1.2 million rupees in the prior-year period.

The normalized profit margin increased to 1.1% from negative 0.2% in the year-earlier period.

Total revenue came to 641.6 million rupees, compared with 636.2 million rupees in the year-earlier period, and total operating expenses fell year over year to 629.8 million rupees from 642.3 million rupees.

Reported net income rose on an annual basis to 4.5 million rupees, or 83 paise per share, from 1.0 million rupees, or 18 paise per share.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.