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M M Rubber swings to loss in fiscal Q3

M M Rubber Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 392,500 rupees, compared with income of 1.1 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.8% from 2.4% in the year-earlier period.

Total revenue grew 10.1% on an annual basis to 48.0 million rupees from 43.6 million rupees, and total operating expenses grew 17.7% year over year to 47.3 million rupees from 40.1 million rupees.

Reported net income totaled a loss of 628,000 rupees, or a loss of 13 paise per share, compared to income of 1.7 million rupees in the prior-year period.

As of Jan. 28, US$1 was equivalent to 68.14 Indian rupees.