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Uniroyal Marine Exports swings to loss in fiscal Q3

Uniroyal Marine Exports Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 3.4 million rupees, compared with income of 298,130 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 dropped to negative 3.3% from 0.3% in the year-earlier period.

Total revenue rose 9.6% on an annual basis to 102.6 million rupees from 93.5 million rupees, and total operating expenses climbed 18.0% on an annual basis to 104.6 million rupees from 88.7 million rupees.

Reported net income came to a loss of 5.5 million rupees, or a loss of 84 paise per share, compared to income of 477,000 rupees in the year-earlier period.

As of Feb. 9, US$1 was equivalent to 62.14 Indian rupees.