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Mayur Leather Products fiscal Q3 profit falls YOY

Mayur Leather Products Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 13 Indian paise per share, a decline of 73.9% from 51 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 640,630 rupees, a decline of 73.7% from 2.4 million rupees in the year-earlier period.

The normalized profit margin fell to 1.1% from 4.3% in the year-earlier period.

Total revenue climbed 6.7% year over year to 60.7 million rupees from 56.8 million rupees, and total operating expenses came to 61.5 million rupees, compared with 61.0 million rupees in the year-earlier period.

Reported net income decreased 71.8% year over year to 675,000 rupees, or 14 paise per share, from 2.4 million rupees, or 50 paise per share.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.