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Riga Sugar fiscal Q3 loss widens YOY

Riga Sugar Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 4.39 Indian rupees per share, compared with a loss of 4.62 rupees 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 46.8 million rupees, compared with a loss of 45.8 million rupees in the year-earlier period.

The normalized profit margin increased to negative 11.0% from negative 12.3% in the year-earlier period.

Total revenue grew 14.5% on an annual basis to 425.2 million rupees from 371.5 million rupees, and total operating expenses increased 10.8% on an annual basis to 462.4 million rupees from 417.3 million rupees.

Reported net income came to a loss of 74.8 million rupees, or a loss of 7.03 rupees per share, compared to a loss of 73.3 million rupees, or a loss of 7.39 rupees per share, in the year-earlier period.

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