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Eskay K'n'IT (India) fiscal Q3 loss widens 30.1% YOY

Eskay K'n'IT (India) Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 1.13 Indian rupees per share, compared with a loss of 87 paise 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 317.5 million rupees, compared with a loss of 244.1 million rupees in the year-earlier period.

The normalized profit margin fell to negative 58.0% from negative 19.9% in the year-earlier period.

Total revenue declined 55.3% on an annual basis to 547.1 million rupees from 1.23 billion rupees, and total operating expenses fell 35.6% from the prior-year period to 956.7 million rupees from 1.49 billion rupees.

Reported net income came to a loss of 508.0 million rupees, or a loss of 1.81 rupees per share, compared to a loss of 390.6 million rupees, or a loss of 1.39 rupees per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.