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Norben Tea & Exports swings to loss in fiscal Q3

Norben Tea & Exports Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 9 Indian paise per share, compared with 6 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 1.1 million rupees, compared with income of 698,750 rupees in the year-earlier period.

The normalized profit margin declined to negative 8.7% from 4.0% in the year-earlier period.

Total revenue declined 30.1% on an annual basis to 12.3 million rupees from 17.7 million rupees, and total operating expenses decreased 17.6% on an annual basis to 13.2 million rupees from 16.0 million rupees.

Reported net income totaled a loss of 1.7 million rupees, or a loss of 15 paise per share, compared to income of 1.1 million rupees, or 9 paise per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.