Pradip Overseas Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 229.2 million rupees, compared with a loss of 334.6 million rupees in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to negative 91.8% from negative 19.9% in the year-earlier period.
Total revenue fell 85.1% year over year to 249.7 million rupees from 1.68 billion rupees, and total operating expenses decreased 77.3% on an annual basis to 427.3 million rupees from 1.88 billion rupees.
Reported net income totaled a loss of 253.5 million rupees, compared with a loss of 1.03 billion rupees in the year-earlier period.
As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.
