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Kinetic Engineering fiscal Q3 loss narrows YOY

Kinetic Engineering Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 2.35 Indian rupees per share, compared with a loss of 3.00 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 29.0 million rupees, compared with a loss of 38.6 million rupees in the year-earlier period.

The normalized profit margin rose to negative 22.5% from negative 23.6% in the year-earlier period.

Total revenue fell 21.3% on an annual basis to 128.7 million rupees from 163.5 million rupees, and total operating expenses declined 14.4% from the prior-year period to 177.9 million rupees from 207.8 million rupees.

Reported net income totaled a loss of 42.1 million rupees, or a loss of 3.41 rupees per share, compared to a loss of 74.3 million rupees, or a loss of 5.78 rupees per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.