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Patspin India swings to loss in fiscal Q3

Patspin India Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 1.51 Indian rupees per share, compared with 46 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 46.1 million rupees, compared with income of 14.9 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 3.6% from 0.9% in the year-earlier period.

Total revenue fell 24.6% on an annual basis to 1.30 billion rupees from 1.72 billion rupees, and total operating expenses fell 19.5% from the prior-year period to 1.30 billion rupees from 1.61 billion rupees.

Reported net income totaled a loss of 67.2 million rupees, or a loss of 2.20 rupees per share, compared to income of 15.4 million rupees, or 47 paise per share, in the year-earlier period.

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