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Bannari Amman Sugars fiscal Q3 profit falls YOY

Bannari Amman Sugars Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 75 Indian paise per share, a decrease of 77.9% from 3.39 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 8.6 million rupees, a decline of 78.0% from 38.8 million rupees in the prior-year period.

The normalized profit margin declined to 0.6% from 2.0% in the year-earlier period.

Total revenue decreased 31.2% year over year to 1.33 billion rupees from 1.94 billion rupees, and total operating expenses decreased 36.9% on an annual basis to 1.08 billion rupees from 1.70 billion rupees.

Reported net income fell 82.1% on an annual basis to 11.5 million rupees, or 1.01 rupees per share, from 64.4 million rupees, or 5.63 rupees per share.

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