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Suryajyoti Spinning Mills fiscal Q3 loss narrows YOY

Suryajyoti Spinning Mills Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 69 Indian paise per share, compared with a loss of 76 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 13.7 million rupees, compared with a loss of 14.9 million rupees in the prior-year period.

The normalized profit margin fell to negative 1.3% from negative 1.2% in the year-earlier period.

Total revenue decreased 13.6% year over year to 1.05 billion rupees from 1.21 billion rupees, and total operating expenses fell 17.2% from the prior-year period to 953.9 million rupees from 1.15 billion rupees.

Reported net income came to a loss of 21.9 million rupees, or a loss of 1.11 rupees per share, compared to a loss of 23.9 million rupees, or a loss of 1.22 rupees per share, in the year-earlier period.

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