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Diligent Industries fiscal Q3 loss widens YOY

Diligent Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 35 Indian paise per share, compared with a loss of 9 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 8.1 million rupees, compared with a loss of 2.1 million rupees in the year-earlier period.

The normalized profit margin fell to negative 58.0% from negative 10.9% in the year-earlier period.

Total revenue fell 25.7% year over year to 14.0 million rupees from 18.8 million rupees, and total operating expenses grew 35.3% from the prior-year period to 23.2 million rupees from 17.1 million rupees.

Reported net income came to a loss of 13.0 million rupees, or a loss of 56 paise per share, compared to a loss of 3.3 million rupees, or a loss of 14 paise per share, in the year-earlier period.

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