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Surat Textile Mills fiscal Q3 loss narrows YOY

Surat Textile Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 2 Indian paise per share, compared with a loss of 8 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 a loss of 4.6 million rupees, compared with a loss of 17.3 million rupees in the prior-year period.

The normalized profit margin increased to negative 1.7% from negative 5.3% in the year-earlier period.

Total revenue fell 18.4% year over year to 265.0 million rupees from 324.8 million rupees, and total operating expenses decreased 22.7% year over year to 273.2 million rupees from 353.2 million rupees.

Reported net income totaled a loss of 7.3 million rupees, or a loss of 3 paise per share, compared to a loss of 27.8 million rupees, or a loss of 12 paise per share, in the prior-year period.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.