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Maris Spinners swings to loss in fiscal Q3

Maris Spinners Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 2.0 million rupees, compared with income of 12.1 million 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 declined to negative 0.7% from 4.0% in the year-earlier period.

Total revenue declined year over year to 289.0 million rupees from 300.4 million rupees, and total operating expenses rose from the prior-year period to 277.5 million rupees from 266.6 million rupees.

Reported net income came to a loss of 3.3 million rupees, compared with income of 15.3 million rupees in the year-earlier period.

As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.