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Ugar Sugar Works swings to profit in fiscal Q3

The Ugar Sugar Works Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 74 Indian paise per share, compared with a loss of 74 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 83.1 million rupees, compared with a loss of 83.3 million rupees in the year-earlier period.

The normalized profit margin increased to 3.4% from negative 14.7% in the year-earlier period.

Total revenue rose on an annual basis to 2.47 billion rupees from 567.8 million rupees, and total operating expenses increased on an annual basis to 2.28 billion rupees from 672.9 million rupees.

Reported net income totaled 124.6 million rupees, or 1.11 rupees per share, compared to a loss of 149.3 million rupees, or a loss of 1.33 rupees per share, in the year-earlier period.

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