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Tess Agro fiscal Q3 loss widens YOY

Tess Agro PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 7.7 million rupees, compared with a loss of 2.7 million 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 dropped to negative 7.1% from negative 3.8% in the year-earlier period.

Total revenue climbed 49.1% year over year to 108.2 million rupees from 72.5 million rupees, and total operating expenses rose 56.1% from the prior-year period to 111.6 million rupees from 71.5 million rupees.

Reported net income totaled a loss of 12.4 million rupees, or a loss of 4 cents per share, compared to a loss of 4.4 million rupees, or a loss of 1 cents per share, in the prior-year period.

As of Feb. 16, US$1 was equivalent to 133.00 Sri Lankan rupees.