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Lakshmi Energy & Foods fiscal Q3 loss widens YOY

Lakshmi Energy and Foods Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 2.39 Indian rupees per share, compared with a loss of 2 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 159.9 million rupees, compared with a loss of 1.7 million rupees in the prior-year period.

The normalized profit margin fell to negative 6.1% from negative 0.1% in the year-earlier period.

Total revenue increased on an annual basis to 2.62 billion rupees from 1.19 billion rupees, and total operating expenses rose from the prior-year period to 2.58 billion rupees from 1.08 billion rupees.

Reported net income came to a loss of 247.0 million rupees, or a loss of 3.69 rupees per share, compared to income of 19.1 million rupees, or 28 paise per share, in the year-earlier period.

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