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Mayur Leather Products profit holds relatively steady YOY in fiscal Q3

Mayur Leather Products Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 13 Indian paise per share, a decrease from 13 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 637,500 rupees, compared with 640,630 rupees in the year-earlier period.

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

Total revenue grew 46.3% on an annual basis to 88.7 million rupees from 60.7 million rupees, and total operating expenses grew 49.1% from the prior-year period to 91.6 million rupees from 61.5 million rupees.

Reported net income fell 13.3% on an annual basis to 585,000 rupees, or 12 paise per share, from 675,000 rupees, or 14 paise per share.

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