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Raj Rayon Industries fiscal Q3 loss narrows YOY

Raj Rayon Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 71 Indian paise per share, compared with a loss of 94 paise 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 188.7 million rupees, compared with a loss of 249.3 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 27.2% from negative 28.5% in the year-earlier period.

Total revenue decreased 20.7% year over year to 694.4 million rupees from 875.7 million rupees, and total operating expenses fell 28.0% from the prior-year period to 815.7 million rupees from 1.13 billion rupees.

Reported net income came to a loss of 208.2 million rupees, or a loss of 78 paise per share, compared to a loss of 268.6 million rupees, or a loss of 1.01 rupees per share, in the year-earlier period.

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