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Timex Group India fiscal Q3 loss narrows YOY

Timex Group India Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 14 Indian paise per share, compared with a loss of 23 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 9.4 million rupees, compared with a loss of 18.4 million rupees in the year-earlier period.

The normalized profit margin increased to negative 2.2% from negative 4.6% in the year-earlier period.

Total revenue rose 6.9% year over year to 431.5 million rupees from 403.5 million rupees, and total operating expenses increased from the prior-year period to 439.4 million rupees from 429.4 million rupees.

Reported net income totaled a loss of 15.1 million rupees, or a loss of 23 paise per share, compared to a loss of 29.4 million rupees, or a loss of 37 paise per share, in the prior-year period.

As of Jan. 29, US$1 was equivalent to 61.78 Indian rupees.