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IEC Education fiscal Q3 profit falls YOY

IEC Education Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 61,250 rupees, a decrease of 79.6% from 300,000 rupees in the year-earlier period.

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

The normalized profit margin declined to 1.2% from 1.5% in the year-earlier period.

Total revenue fell 74.9% year over year to 5.1 million rupees from 20.2 million rupees, and total operating expenses decreased 74.5% from the prior-year period to 5.0 million rupees from 19.6 million rupees.

Reported net income totaled a loss of 72,000 rupees, compared with income of 32,000 rupees, or 0 paise per share, in the year-earlier period.

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