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Shekhawati Poly-Yarn swings to loss in fiscal Q3

Shekhawati Poly-Yarn Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 57.7 million rupees, compared with income of 856,880 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 18.1% from 0.1% in the year-earlier period.

Total revenue declined 68.5% year over year to 319.5 million rupees from 1.01 billion rupees, and total operating expenses decreased 62.1% year over year to 372.6 million rupees from 983.5 million rupees.

Reported net income totaled a loss of 766.8 million rupees, or a loss of 3.48 rupees per share, compared to income of 564,000 rupees, or 0 paise per share, in the year-earlier period.

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