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Karuturi Global fiscal Q3 profit falls YOY

Karuturi Global Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 5 Indian paise per share, a decrease of 77.0% from 20 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 36.5 million rupees, a decline of 77.3% from 160.7 million rupees in the prior-year period.

The normalized profit margin declined to 6.4% from 10.9% in the year-earlier period.

Total revenue decreased 61.3% year over year to 569.8 million rupees from 1.47 billion rupees, and total operating expenses declined 52.8% on an annual basis to 531.5 million rupees from 1.13 billion rupees.

Reported net income fell 68.5% from the prior-year period to 103.2 million rupees, or 13 paise per share, from 328.1 million rupees, or 41 paise per share.

As of Feb. 16, US$1 was equivalent to 62.15 Indian rupees.