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Blue Diamonds Jewellery Worldwide swings to profit in fiscal Q2

Blue Diamonds Jewellery Worldwide PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 104,130 rupees, compared with a loss of 10.6 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.5% from negative 71.3% in the year-earlier period.

Total revenue increased 34.1% year over year to 19.9 million rupees from 14.8 million rupees, and total operating expenses fell 38.3% from the prior-year period to 20.4 million rupees from 33.0 million rupees.

Reported net income came to 166,610 rupees, or 0 cents per share, compared to a loss of 16.9 million rupees, or a loss of 7 cents per share, in the year-earlier period.

As of Nov. 17, US$1 was equivalent to 142.35 Sri Lankan rupees.