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REIL Electricals India fiscal Q3 loss narrows YOY

REIL Electricals India Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 28 Indian paise per share, compared with a loss of 93 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 1.0 million rupees, compared with a loss of 3.5 million rupees in the year-earlier period.

The normalized profit margin rose to negative 3.1% from negative 8.6% in the year-earlier period.

Total revenue fell 19.5% year over year to 32.9 million rupees from 40.8 million rupees, and total operating expenses declined 26.4% year over year to 33.5 million rupees from 45.5 million rupees.

Reported net income totaled a loss of 1.6 million rupees, or a loss of 44 paise per share, compared to a loss of 5.6 million rupees, or a loss of 1.49 rupees per share, in the prior-year period.

As of Jan. 30, US$1 was equivalent to 62.01 Indian rupees.