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TCI Industries swings to loss in fiscal Q3

TCI Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 2.34 Indian rupees per share, compared with 24 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 2.1 million rupees, compared with income of 211,250 rupees in the year-earlier period.

The normalized profit margin fell to negative 116.2% from 6.3% in the year-earlier period.

Total revenue fell 46.1% year over year to 1.8 million rupees from 3.4 million rupees, and total operating expenses grew 54.0% on an annual basis to 5.3 million rupees from 3.5 million rupees.

Reported net income totaled a loss of 3.4 million rupees, or a loss of 3.75 rupees per share, compared to income of 338,000 rupees, or 38 paise per share, in the prior-year period.

As of Feb. 9, US$1 was equivalent to 67.92 Indian rupees.