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Olympia Industries swings to profit in fiscal Q1

Olympia Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 1.33 Indian rupees per share, compared with a loss of 5 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 4.0 million rupees, compared with a loss of 96,250 rupees in the year-earlier period.

The normalized profit margin increased to 3.2% from negative 45.8% in the year-earlier period.

Total revenue rose year over year to 127.8 million rupees from 210,000 rupees, and total operating expenses rose on an annual basis to 121.3 million rupees from 817,000 rupees.

Reported net income came to 6.4 million rupees, or 2.13 rupees per share, compared to a loss of 154,000 rupees, or a loss of 9 paise per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to 60.80 Indian rupees.