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Piccadily Sugar & Allied Industries swings to loss in fiscal Q3

Piccadily Sugar & Allied Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 10 Indian paise per share, compared with 13 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 2.2 million rupees, compared with income of 2.9 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 7.6% from 8.1% in the year-earlier period.

Total revenue declined 19.3% on an annual basis to 29.1 million rupees from 36.1 million rupees, and total operating expenses climbed from the prior-year period to 31.9 million rupees from 30.7 million rupees.

Reported net income totaled a loss of 3.0 million rupees, or a loss of 13 paise per share, compared to income of 3.2 million rupees, or 14 paise per share, in the prior-year period.

As of April 10, US$1 was equivalent to 62.26 Indian rupees.