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Faze Three swings to loss in fiscal Q2

Faze Three Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 6 Indian paise per share, compared with 1.12 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 691,880 rupees, compared with income of 13.7 million rupees in the year-earlier period.

The normalized profit margin declined to negative 0.1% from 2.7% in the year-earlier period.

Total revenue increased 18.2% on an annual basis to 591.0 million rupees from 499.8 million rupees, and total operating expenses increased 27.0% on an annual basis to 567.9 million rupees from 447.3 million rupees.

Reported net income came to a loss of 6.2 million rupees, or a loss of 51 paise per share, compared to a loss of 17.3 million rupees, or a loss of 1.42 rupees per share, in the prior-year period.

As of Nov. 17, US$1 was equivalent to 61.80 Indian rupees.