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Kemp swings to loss in fiscal Q3

Kemp and Company Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 630 rupees, compared with income of 856,250 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.0% from 5.7% in the year-earlier period.

Total revenue declined 53.9% on an annual basis to 7.0 million rupees from 15.1 million rupees, and total operating expenses fell 50.0% from the prior-year period to 6.9 million rupees from 13.8 million rupees.

Reported net income totaled a loss of 16,000 rupees, or a loss of 1 paise per share, compared to income of 890,000 rupees, or 82 paise per share, in the year-earlier period.

As of Feb. 11, US$1 was equivalent to 68.37 Indian rupees.