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Mihika Industries fiscal Q3 loss widens 23.7% YOY

Mihika Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 7 Indian paise per share, compared with a loss of 5 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 679,380 rupees, compared with a loss of 549,380 rupees in the prior-year period.

The normalized profit margin dropped to negative 18.1% from negative 15.6% in the year-earlier period.

Total revenue grew 6.5% year over year to 3.7 million rupees from 3.5 million rupees, and total operating expenses grew 22.9% on an annual basis to 5.6 million rupees from 4.5 million rupees.

Reported net income totaled a loss of 715,000 rupees, or a loss of 7 paise per share, compared to a loss of 607,000 rupees, or a loss of 6 paise per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.