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Span Divergent fiscal Q3 loss narrows YOY

Span Divergent Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 1.72 Indian rupees per share, compared with a loss of 2.56 rupees 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 12.5 million rupees, compared with a loss of 18.6 million rupees in the prior-year period.

The normalized profit margin dropped to negative 6.5% from negative 4.9% in the year-earlier period.

Total revenue decreased 49.5% on an annual basis to 191.9 million rupees from 379.9 million rupees, and total operating expenses declined 48.3% year over year to 204.0 million rupees from 394.5 million rupees.

Reported net income came to a loss of 20.4 million rupees, or a loss of 2.81 rupees per share, compared to a loss of 26.6 million rupees, or a loss of 3.66 rupees per share, in the prior-year period.

As of March 5, US$1 was equivalent to 62.25 Indian rupees.