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Dharani Sugars & Chemicals fiscal Q3 loss widens 30.2% YOY

Dharani Sugars & Chemicals Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 7.88 Indian rupees per share, compared with a loss of 6.05 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 231.7 million rupees, compared with a loss of 177.9 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 34.4% from negative 12.1% in the year-earlier period.

Total revenue decreased 54.2% on an annual basis to 673.5 million rupees from 1.47 billion rupees, and total operating expenses fell 43.3% from the prior-year period to 910.5 million rupees from 1.61 billion rupees.

Reported net income totaled a loss of 279.0 million rupees, or a loss of 9.49 rupees per share, compared to a loss of 191.4 million rupees, or a loss of 6.51 rupees per share, in the year-earlier period.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.