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Garden Silk Mills fiscal Q3 loss narrows YOY

Garden Silk Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 8.54 Indian rupees per share, compared with a loss of 9.63 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 a loss of 342.9 million rupees, compared with a loss of 368.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 5.4% from negative 4.9% in the year-earlier period.

Total revenue declined 15.9% year over year to 6.38 billion rupees from 7.59 billion rupees, and total operating expenses declined 17.7% year over year to 6.47 billion rupees from 7.87 billion rupees.

Reported net income totaled a loss of 548.6 million rupees, or a loss of 13.67 rupees per share, compared to a loss of 415.1 million rupees, or a loss of 10.84 rupees per share, in the year-earlier period.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.