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Terai Tea fiscal Q3 loss narrows YOY

Terai Tea Company Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 7.1 million rupees, compared with a loss of 7.8 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 3.2% from negative 2.8% in the year-earlier period.

Total revenue decreased 21.8% on an annual basis to 221.5 million rupees from 283.1 million rupees, and total operating expenses declined 22.9% year over year to 220.6 million rupees from 286.1 million rupees.

Reported net income came to a loss of 11.3 million rupees, compared with a loss of 12.5 million rupees in the prior-year period.

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