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Longview Tea fiscal Q3 profit falls YOY

Longview Tea Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 9 Indian paise per share, a decrease of 59.0% from 23 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 278,130 rupees, a decrease of 59.1% from 680,000 rupees in the year-earlier period.

The normalized profit margin declined to 5.9% from 35.1% in the year-earlier period.

Total revenue rose on an annual basis to 4.7 million rupees from 1.9 million rupees, and total operating expenses grew from the prior-year period to 5.8 million rupees from 2.4 million rupees.

Reported net income decreased 60.1% year over year to 360,000 rupees, or 12 paise per share, from 903,000 rupees, or 30 paise per share.

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