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Everlon Synthetics swings to loss in fiscal Q3

Everlon Synthetics Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 50 Indian paise per share, compared with 25 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 1.6 million rupees, compared with income of 679,380 rupees in the year-earlier period.

The normalized profit margin fell to negative 1.8% from 0.5% in the year-earlier period.

Total revenue declined 30.0% on an annual basis to 92.0 million rupees from 131.3 million rupees, and total operating expenses fell 28.1% on an annual basis to 92.7 million rupees from 129.0 million rupees.

Reported net income totaled a loss of 2.6 million rupees, or a loss of 80 paise per share, compared to income of 1.1 million rupees, or 40 paise per share, in the prior-year period.

As of Jan. 12, US$1 was equivalent to 62.07 Indian rupees.