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Rana Sugars fiscal Q3 loss widens YOY

Rana Sugars Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 36 Indian paise per share, compared with a loss of 34 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 54.5 million rupees, compared with a loss of 52.7 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 2.9% from negative 4.5% in the year-earlier period.

Total revenue grew 60.1% on an annual basis to 1.89 billion rupees from 1.18 billion rupees, and total operating expenses increased 68.1% from the prior-year period to 1.68 billion rupees from 1.00 billion rupees.

Reported net income came to a loss of 87.2 million rupees, or a loss of 57 paise per share, compared to a loss of 84.3 million rupees, or a loss of 55 paise per share, in the prior-year period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.