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Lakshmi Energy & Foods swings to loss in fiscal Q3

Lakshmi Energy and Foods Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 2 Indian paise per share, compared with 77 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 1.7 million rupees, compared with income of 53.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 0.1% from 2.7% in the year-earlier period.

Total revenue fell 38.5% year over year to 1.19 billion rupees from 1.93 billion rupees, and total operating expenses fell 35.3% on an annual basis to 1.08 billion rupees from 1.67 billion rupees.

Reported net income decreased 82.7% from the prior-year period to 19.1 million rupees, or 28 paise per share, from 109.8 million rupees, or 1.59 rupees per share.

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