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Kamadgiri Fashion swings to loss in fiscal Q3

Kamadgiri Fashion Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 2.50 Indian rupees per share, compared with 9 paise 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 12.7 million rupees, compared with income of 456,250 rupees in the year-earlier period.

The normalized profit margin fell to negative 2.5% from 0.1% in the year-earlier period.

Total revenue declined 7.7% year over year to 511.1 million rupees from 553.8 million rupees, and total operating expenses fell on an annual basis to 510.5 million rupees from 531.6 million rupees.

Reported net income totaled a loss of 13.2 million rupees, or a loss of 2.61 rupees per share, compared to income of 450,000 rupees, or 9 paise per share, in the prior-year period.

As of Jan. 15, US$1 was equivalent to 61.77 Indian rupees.