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Bhandari Hosiery Exports fiscal Q3 profit falls YOY

Bhandari Hosiery Exports Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 3 Indian paise per share, a decrease of 69.7% from 9 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 3.8 million rupees, a decrease of 69.6% from 12.6 million rupees in the year-earlier period.

The normalized profit margin declined to 1.0% from 2.9% in the year-earlier period.

Total revenue declined 9.1% year over year to 395.5 million rupees from 435.2 million rupees, and total operating expenses fell 5.6% from the prior-year period to 381.3 million rupees from 404.0 million rupees.

Reported net income declined 87.6% on an annual basis to 1.9 million rupees, or 1 paise per share, from 15.4 million rupees, or 11 paise per share.

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