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CIL Nova Petrochemicals fiscal Q3 profit falls YOY

CIL Nova Petrochemicals Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 11 Indian paise per share, a decline of 75.6% from 45 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 1.5 million rupees, a decline of 75.7% from 6.1 million rupees in the prior-year period.

The normalized profit margin declined to 0.3% from 0.8% in the year-earlier period.

Total revenue fell 31.7% on an annual basis to 516.6 million rupees from 756.1 million rupees, and total operating expenses fell 31.5% year over year to 501.8 million rupees from 732.1 million rupees.

Reported net income fell 75.5% year over year to 1.9 million rupees, or 14 paise per share, from 7.7 million rupees, or 57 paise per share.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.