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Supreme Tex Mart swings to loss in fiscal Q3

Supreme Tex Mart Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 3.29 Indian rupees per share, compared with 43 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 224.6 million rupees, compared with income of 28.9 million rupees in the year-earlier period.

The normalized profit margin fell to negative 27.6% from 1.3% in the year-earlier period.

Total revenue fell 62.7% on an annual basis to 812.3 million rupees from 2.18 billion rupees, and total operating expenses fell 48.8% year over year to 1.03 billion rupees from 2.01 billion rupees.

Reported net income totaled a loss of 171.5 million rupees, or a loss of 2.51 rupees per share, compared to income of 28.5 million rupees, or 42 paise per share, in the year-earlier period.

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