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GTN Industries swings to loss in fiscal Q3

GTN Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 1.59 Indian rupees per share, compared with 6 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 25.8 million rupees, compared with income of 1.6 million rupees in the prior-year period.

The normalized profit margin declined to negative 3.1% from 0.1% in the year-earlier period.

Total revenue decreased 44.8% year over year to 828.0 million rupees from 1.50 billion rupees, and total operating expenses fell 42.8% year over year to 828.1 million rupees from 1.45 billion rupees.

Reported net income came to a loss of 41.0 million rupees, or a loss of 2.53 rupees per share, compared to income of 2.5 million rupees, or 9 paise per share, in the year-earlier period.

As of Feb. 10, US$1 was equivalent to 62.38 Indian rupees.