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Longview Tea fiscal Q3 profit falls YOY

Longview Tea Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 5 Indian paise per share, a decline of 41.8% from 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 171,880 rupees, a decrease of 38.2% from 278,130 rupees in the prior-year period.

The normalized profit margin declined to 4.4% from 5.9% in the year-earlier period.

Total revenue fell 16.8% on an annual basis to 3.9 million rupees from 4.7 million rupees, and total operating expenses declined 10.6% year over year to 5.1 million rupees from 5.8 million rupees.

Reported net income decreased 38.1% year over year to 223,000 rupees, or 7 paise per share, from 360,000 rupees, or 12 paise per share.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.