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Westlife Development swings to loss in fiscal Q3

Westlife Development Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 29.2 million rupees, compared with income of 24.8 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 1.5% from 1.4% in the year-earlier period.

Total revenue climbed 9.4% year over year to 1.94 billion rupees from 1.78 billion rupees, and total operating expenses rose 17.2% year over year to 2.04 billion rupees from 1.74 billion rupees.

Reported net income came to a loss of 46.9 million rupees, or a loss of 30 paise per share, compared to income of 39.8 million rupees in the prior-year period.

As of Feb. 6, US$1 was equivalent to 61.94 Indian rupees.