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Orosil Smiths India fiscal Q3 loss narrows YOY

Orosil Smiths India Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 1 Indian paise per share, compared with a loss of 2 paise 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 496,250 rupees, compared with a loss of 961,250 rupees in the prior-year period.

The normalized profit margin climbed to negative 7.3% from negative 13.6% in the year-earlier period.

Total revenue declined year over year to 6.8 million rupees from 7.1 million rupees, and total operating expenses decreased 10.7% from the prior-year period to 7.5 million rupees from 8.4 million rupees.

Reported net income came to a loss of 794,000 rupees, or a loss of 2 paise per share, compared to a loss of 1.5 million rupees, or a loss of 4 paise per share, in the prior-year period.

As of Feb. 10, US$1 was equivalent to 67.87 Indian rupees.