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Gayatri BioOrganics swings to loss in fiscal Q3

Gayatri BioOrganics Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 1.1 million rupees, compared with income of 5.7 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.2% from 1.0% in the year-earlier period.

Total revenue decreased 14.8% on an annual basis to 476.5 million rupees from 559.6 million rupees, and total operating expenses decreased 14.7% on an annual basis to 456.2 million rupees from 535.0 million rupees.

Reported net income declined 24.3% on an annual basis to 6.9 million rupees, or 3 paise per share, from 9.1 million rupees, or 7 paise per share.

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