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TCI Industries fiscal Q3 profit falls YOY

TCI Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 24 Indian paise per share, a decrease of 87.3% from 1.88 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 211,250 rupees, a decline of 87.5% from 1.7 million rupees in the year-earlier period.

The normalized profit margin rose to 6.3% from 3.2% in the year-earlier period.

Total revenue decreased 93.5% on an annual basis to 3.4 million rupees from 51.9 million rupees, and total operating expenses decreased 93.0% year over year to 3.5 million rupees from 49.4 million rupees.

Reported net income fell 87.5% on an annual basis to 338,000 rupees, or 38 paise per share, from 2.7 million rupees, or 3.00 rupees per share.

As of Jan. 22, US$1 was equivalent to 61.40 Indian rupees.