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Kanco Tea & Industries fiscal Q3 profit falls YOY

Kanco Tea & Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 22 Indian paise per share, a decline of 84.2% from 1.38 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 1.1 million rupees, a decline of 84.1% from 7.1 million rupees in the prior-year period.

The normalized profit margin declined to 0.9% from 5.4% in the year-earlier period.

Total revenue declined on an annual basis to 124.1 million rupees from 130.2 million rupees, and total operating expenses rose from the prior-year period to 123.3 million rupees from 120.2 million rupees.

Reported net income fell 94.4% year over year to 500,000 rupees, or 10 paise per share, from 8.9 million rupees, or 1.74 rupees per share.

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