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Naturite Agro Products swings to loss in fiscal Q3

Naturite Agro Products Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 44 Indian paise per share, compared with 15 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.4 million rupees, compared with income of 789,380 rupees in the prior-year period.

Total revenue fell 91.8% on an annual basis to 667,000 rupees from 8.1 million rupees, and total operating expenses declined 35.4% year over year to 4.4 million rupees from 6.9 million rupees.

Reported net income totaled a loss of 3.8 million rupees, or a loss of 71 paise per share, compared to income of 1.3 million rupees, or 24 paise per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.