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Grob Tea fiscal Q3 profit falls YOY

Grob Tea Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 11.53 Indian rupees per share, a decline of 34.6% from 17.63 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.4 million rupees, a decrease of 34.6% from 20.5 million rupees in the prior-year period.

The normalized profit margin declined to 7.7% from 9.8% in the year-earlier period.

Total revenue declined 16.7% year over year to 173.4 million rupees from 208.2 million rupees, and total operating expenses decreased 13.8% on an annual basis to 153.2 million rupees from 177.7 million rupees.

Reported net income fell 34.6% on an annual basis to 21.4 million rupees, or 18.44 rupees per share, from 32.8 million rupees, or 28.21 rupees per share.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.