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Ashnoor Textile Mills swings to loss in fiscal Q3

Ashnoor Textile Mills Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 87 Indian paise per share, compared with 8 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 9.4 million rupees, compared with income of 848,750 rupees in the year-earlier period.

The normalized profit margin declined to negative 4.3% from 0.7% in the year-earlier period.

Total revenue increased 74.3% on an annual basis to 219.6 million rupees from 126.0 million rupees, and total operating expenses grew from the prior-year period to 230.9 million rupees from 102.9 million rupees.

Reported net income totaled a loss of 15.0 million rupees, or a loss of 1.39 rupees per share, compared to income of 957,000 rupees, or 9 paise per share, in the prior-year period.

As of Feb. 20, US$1 was equivalent to 62.25 Indian rupees.