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LWS Knitwear swings to profit in fiscal Q3

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LWS Knitwear swings to profit in fiscal Q3

LWS Knitwear Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 2 Indian paise per share, compared with a loss of 2 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 114,380 rupees, compared with a loss of 92,500 rupees in the year-earlier period.

The normalized profit margin climbed to 0.9% from negative 0.5% in the year-earlier period.

Total revenue fell 23.6% on an annual basis to 13.4 million rupees from 17.5 million rupees, and total operating expenses decreased 25.3% year over year to 13.2 million rupees from 17.7 million rupees.

Reported net income came to 183,000 rupees, or 4 paise per share, compared to a loss of 148,000 rupees, or a loss of 3 paise per share, in the prior-year period.

As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.