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Sinnar Bidi Udyog swings to loss in fiscal Q3

Sinnar Bidi Udyog Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 94 Indian paise per share, compared with 20.00 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 187,500 rupees, compared with income of 4.0 million rupees in the prior-year period.

The normalized profit margin declined to negative 0.9% from 9.7% in the year-earlier period.

Total revenue fell 50.7% year over year to 20.4 million rupees from 41.4 million rupees, and total operating expenses decreased 45.4% on an annual basis to 18.3 million rupees from 33.5 million rupees.

Reported net income came to a loss of 400,000 rupees, or a loss of 2.00 rupees per share, compared to income of 4.6 million rupees, or 23.00 rupees per share, in the prior-year period.

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