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Freshtrop Fruits fiscal Q3 loss narrows YOY

Freshtrop Fruits Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 62 Indian paise per share, compared with a loss of 95 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 7.5 million rupees, compared with a loss of 11.1 million rupees in the prior-year period.

The normalized profit margin climbed to negative 14.1% from negative 18.8% in the year-earlier period.

Total revenue decreased 9.7% on an annual basis to 53.3 million rupees from 59.1 million rupees, and total operating expenses declined 16.3% on an annual basis to 63.9 million rupees from 76.3 million rupees.

Reported net income came to a loss of 7.9 million rupees, or a loss of 65 paise per share, compared to a loss of 11.5 million rupees, or a loss of 98 paise per share, in the prior-year period.

As of Feb. 9, US$1 was equivalent to 62.14 Indian rupees.