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Rana Sugars swings to profit in fiscal Q3

Rana Sugars Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 6 Indian paise per share, compared with a loss of 36 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 9.1 million rupees, compared with a loss of 54.5 million rupees in the year-earlier period.

The normalized profit margin climbed to 0.4% from negative 2.9% in the year-earlier period.

Total revenue grew 14.3% on an annual basis to 2.16 billion rupees from 1.89 billion rupees, and total operating expenses increased 9.7% on an annual basis to 1.84 billion rupees from 1.68 billion rupees.

Reported net income totaled 14.6 million rupees, or 9 paise per share, compared to a loss of 87.2 million rupees, or a loss of 57 paise per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.