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Kandagiri Spinning Mills swings to loss in fiscal Q3

Kandagiri Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 4.01 Indian rupees per share, compared with 28 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 15.4 million rupees, compared with income of 1.1 million rupees in the prior-year period.

The normalized profit margin dropped to negative 3.4% from 0.2% in the year-earlier period.

Total revenue declined 9.7% year over year to 452.4 million rupees from 500.8 million rupees, and total operating expenses declined year over year to 450.6 million rupees from 471.2 million rupees.

Reported net income totaled a loss of 16.9 million rupees, or a loss of 4.40 rupees per share, compared to income of 1.3 million rupees, or 34 paise per share, in the prior-year period.

As of Feb. 6, US$1 was equivalent to 61.94 Indian rupees.