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Sanrhea Technical Textiles swings to loss in fiscal Q3

Sanrhea Technical Textiles Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 1.33 Indian rupees per share, compared with 11 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 4.0 million rupees, compared with income of 321,250 rupees in the year-earlier period.

The normalized profit margin dropped to negative 11.8% from 0.3% in the year-earlier period.

Total revenue declined 63.4% year over year to 33.8 million rupees from 92.2 million rupees, and total operating expenses declined 58.1% on an annual basis to 37.2 million rupees from 88.8 million rupees.

Reported net income totaled a loss of 6.3 million rupees, or a loss of 2.10 rupees per share, compared to income of 419,000 rupees, or 14 paise per share, in the year-earlier period.

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