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Pradip Overseas fiscal Q3 loss narrows YOY

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.