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Asian Tea & Exports fiscal Q3 profit falls YOY

Asian Tea & Exports Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 6 Indian paise per share, a decrease of 64.0% from 18 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 636,880 rupees, a decrease of 63.6% from 1.7 million rupees in the year-earlier period.

The normalized profit margin fell to 0.6% from 1.0% in the year-earlier period.

Total revenue declined 38.2% year over year to 111.9 million rupees from 181.2 million rupees, and total operating expenses decreased 38.8% year over year to 108.9 million rupees from 177.8 million rupees.

Reported net income declined 63.9% year over year to 1.0 million rupees, or 10 paise per share, from 2.8 million rupees, or 28 paise per share.

As of March 27, US$1 was equivalent to 62.52 Indian rupees.