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Indian Acrylics swings to profit in fiscal Q3

Indian Acrylics Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 15 Indian paise per share, compared with a loss of 37 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 20.3 million rupees, compared with a loss of 50.3 million rupees in the year-earlier period.

The normalized profit margin increased to 1.3% from negative 3.4% in the year-earlier period.

Total revenue rose 5.2% year over year to 1.57 billion rupees from 1.49 billion rupees, and total operating expenses declined from the prior-year period to 1.53 billion rupees from 1.56 billion rupees.

Reported net income totaled 32.5 million rupees, or 24 paise per share, compared to a loss of 80.8 million rupees, or a loss of 60 paise per share, in the prior-year period.

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