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Piccadily Sugar & Allied Industries fiscal Q3 loss widens 51.0% YOY

Piccadily Sugar & Allied Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 14 Indian paise per share, compared with a loss of 10 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 a loss of 3.4 million rupees, compared with a loss of 2.2 million rupees in the year-earlier period.

The normalized profit margin fell to negative 15.0% from negative 7.6% in the year-earlier period.

Total revenue fell 23.3% year over year to 22.4 million rupees from 29.1 million rupees, and total operating expenses decreased 12.1% on an annual basis to 28.1 million rupees from 31.9 million rupees.

Reported net income came to a loss of 3.5 million rupees, or a loss of 15 paise per share, compared to a loss of 3.0 million rupees, or a loss of 13 paise per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.