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Eurotex Industries & Exports swings to loss in fiscal Q3

Eurotex Industries and Exports Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 54 Indian paise per share, compared with 1.04 rupees 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 4.8 million rupees, compared with income of 9.1 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.7% from 1.1% in the year-earlier period.

Total revenue decreased 15.1% on an annual basis to 714.7 million rupees from 841.5 million rupees, and total operating expenses decreased 12.8% from the prior-year period to 701.4 million rupees from 804.0 million rupees.

Reported net income totaled a loss of 7.4 million rupees, or a loss of 85 paise per share, compared to a loss of 5.3 million rupees, or a loss of 60 paise per share, in the prior-year period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.