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Olympic Oil Industries fiscal Q1 profit climbs YOY

Olympic Oil Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 6.62 Indian rupees per share, an increase from 2.26 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.9 million rupees, a gain from 6.5 million rupees in the year-earlier period.

The normalized profit margin increased to 0.4% from 0.2% in the year-earlier period.

Total revenue climbed 28.1% year over year to 4.31 billion rupees from 3.37 billion rupees, and total operating expenses climbed 27.6% year over year to 4.27 billion rupees from 3.34 billion rupees.

Reported net income rose from the prior-year period to 20.2 million rupees, or 7.08 rupees per share, from 7.0 million rupees, or 2.43 rupees per share.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.