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Medine fiscal Q3 loss narrows YOY

Medine Ltd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 10 Mauritian cents per share, compared with a loss of 52 cents 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 10.6 million rupees, compared with a loss of 54.1 million rupees in the year-earlier period.

The normalized profit margin rose to negative 4.1% from negative 33.7% in the year-earlier period.

Total revenue rose 59.1% year over year to 255.9 million rupees from 160.8 million rupees, and total operating expenses climbed year over year to 224.9 million rupees from 217.1 million rupees.

Reported net income totaled 70.7 million rupees, or 67 cents per share, compared to a loss of 89.1 million rupees, or a loss of 85 cents per share, in the prior-year period.

As of May 14, US$1 was equivalent to 34.73 Mauritian rupees.