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Uday Jewellery fiscal Q3 profit falls YOY

Uday Jewellery Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 7 Indian paise per share, a decline of 89.6% from 67 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 794,380 rupees, a decline of 87.1% from 6.1 million rupees in the prior-year period.

The normalized profit margin declined to 1.4% from 4.4% in the year-earlier period.

Total revenue declined 59.3% year over year to 57.0 million rupees from 139.8 million rupees, and total operating expenses fell 57.1% on an annual basis to 55.7 million rupees from 130.0 million rupees.

Reported net income decreased 89.5% from the prior-year period to 1.0 million rupees, or 9 paise per share, from 9.8 million rupees, or 1.07 rupees per share.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.