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Amrit fiscal Q3 profit falls YOY

Amrit Corp. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 3.34 Indian rupees per share, a decrease of 46.1% from 6.19 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.7 million rupees, a decrease of 46.1% from 19.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 11.1% from 16.0% in the year-earlier period.

Total revenue declined 22.0% on an annual basis to 96.8 million rupees from 124.2 million rupees, and total operating expenses fell 18.4% from the prior-year period to 104.4 million rupees from 127.9 million rupees.

Reported net income decreased 25.2% on an annual basis to 20.6 million rupees, or 6.40 rupees per share, from 27.5 million rupees, or 8.56 rupees per share.

As of Feb. 24, US$1 was equivalent to 62.05 Indian rupees.