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Kanel Industries fiscal Q3 loss widens 54.4% YOY

Kanel Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 491,250 rupees, compared with a loss of 318,130 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.5% from negative 0.4% in the year-earlier period.

Total revenue increased 26.6% on an annual basis to 100.3 million rupees from 79.3 million rupees, and total operating expenses rose 26.7% year over year to 101.1 million rupees from 79.8 million rupees.

Reported net income totaled a loss of 786,000 rupees, compared with a loss of 509,000 rupees in the year-earlier period.

As of Feb. 4, US$1 was equivalent to 67.50 Indian rupees.