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Acknit Industries fiscal Q3 profit falls YOY

Acknit Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 2.36 Indian rupees per share, a decrease of 8.0% from 2.56 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 5.9 million rupees, a decline of 8.1% from 6.5 million rupees in the prior-year period.

The normalized profit margin declined to 1.9% from 1.9% in the year-earlier period.

Total revenue decreased year over year to 319.4 million rupees from 333.9 million rupees, and total operating expenses declined year over year to 311.8 million rupees from 319.7 million rupees.

Reported net income fell 5.7% year over year to 6.4 million rupees, or 2.54 rupees per share, from 6.8 million rupees, or 2.69 rupees per share.

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