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Uttam Sugar Mills fiscal Q2 loss widens 43.7% YOY

Uttam Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 7.00 Indian rupees per share, compared with a loss of 4.96 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 258.8 million rupees, compared with a loss of 180.1 million rupees in the prior-year period.

The normalized profit margin fell to negative 10.5% from negative 8.7% in the year-earlier period.

Total revenue climbed 18.7% year over year to 2.47 billion rupees from 2.08 billion rupees, and total operating expenses grew 22.2% year over year to 2.70 billion rupees from 2.21 billion rupees.

Reported net income totaled a loss of 425.6 million rupees, or a loss of 11.52 rupees per share, compared to a loss of 260.1 million rupees, or a loss of 7.17 rupees per share, in the year-earlier period.

As of Feb. 16, US$1 was equivalent to 62.15 Indian rupees.