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Kesoram Industries fiscal Q3 loss widens YOY

Kesoram Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 13.93 Indian rupees per share, compared with a loss of 5.03 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 a loss of 1.53 billion rupees, compared with a loss of 551.8 million rupees in the prior-year period.

The normalized profit margin declined to negative 12.6% from negative 4.5% in the year-earlier period.

Total revenue declined on an annual basis to 12.11 billion rupees from 12.39 billion rupees, and total operating expenses rose 7.3% from the prior-year period to 12.97 billion rupees from 12.09 billion rupees.

Reported net income came to a loss of 2.45 billion rupees, or a loss of 22.28 rupees per share, compared to a loss of 882.8 million rupees, or a loss of 8.04 rupees per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.