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Vijay Textiles swings to loss in fiscal Q3

Vijay Textiles Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 3.33 Indian rupees per share, compared with 15 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 38.2 million rupees, compared with income of 1.8 million rupees in the year-earlier period.

The normalized profit margin fell to negative 18.2% from 0.9% in the year-earlier period.

Total revenue grew 5.2% year over year to 210.0 million rupees from 199.7 million rupees, and total operating expenses grew 51.2% on an annual basis to 221.0 million rupees from 146.2 million rupees.

Reported net income came to a loss of 52.2 million rupees, or a loss of 4.54 rupees per share, compared to income of 1.8 million rupees, or 15 paise per share, in the prior-year period.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.