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STI India fiscal Q3 loss widens 39.7% YOY

STI India Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 92 Indian paise per share, compared with a loss of 66 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 26.8 million rupees, compared with a loss of 19.2 million rupees in the year-earlier period.

The normalized profit margin declined to negative 21.6% from negative 13.3% in the year-earlier period.

Total revenue declined 14.2% on an annual basis to 124.2 million rupees from 144.7 million rupees, and total operating expenses declined from the prior-year period to 169.3 million rupees from 176.6 million rupees.

Reported net income totaled a loss of 39.8 million rupees, or a loss of 1.37 rupees per share, compared to a loss of 21.3 million rupees, or a loss of 73 paise per share, in the prior-year period.

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