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Ponni Sugars fiscal Q3 loss narrows YOY

Ponni Sugars (Erode) Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 6.63 Indian rupees per share, compared with a loss of 7.57 rupees 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 57.0 million rupees, compared with a loss of 65.1 million rupees in the prior-year period.

The normalized profit margin climbed to negative 18.4% from negative 19.6% in the year-earlier period.

Total revenue decreased 6.7% year over year to 310.1 million rupees from 332.5 million rupees, and total operating expenses decreased 7.6% year over year to 389.6 million rupees from 421.6 million rupees.

Reported net income totaled a loss of 59.5 million rupees, or a loss of 6.92 rupees per share, compared to a loss of 66.2 million rupees, or a loss of 7.70 rupees per share, in the prior-year period.

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