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Zenith Exports fiscal Q3 loss widens 47.3% YOY

Zenith Exports Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 3.43 Indian rupees per share, compared with a loss of 2.33 rupees 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 18.5 million rupees, compared with a loss of 12.6 million rupees in the year-earlier period.

The normalized profit margin declined to negative 3.2% from negative 1.9% in the year-earlier period.

Total revenue decreased 12.2% year over year to 575.7 million rupees from 656.0 million rupees, and total operating expenses decreased 8.1% year over year to 615.7 million rupees from 670.3 million rupees.

Reported net income came to a loss of 20.4 million rupees, or a loss of 3.78 rupees per share, compared to a loss of 17.2 million rupees, or a loss of 3.19 rupees per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.